Indeed, Apple Intelligence may have failed to deliver, and many analysts have been quite vocal about what the Cupertino-based giant should do to catch up. From acquiring AI search startup Perplexity AI to making an investment in OpenAI, there's no shortage of things that Wall Street thinks Apple should do. And while I wouldn't rule out a direct investment in an AI startup,
Bullock downgraded the stock after reviewing web traffic trends by channel. He noted that SEO-driven visits fell 23.5% year-over-year in the second quarter of 2025, with the decline worsening to 25.3% in July, likely due to Google's broader rollout of AI Overviews. Since less than 30% of signups come from Google, he built a framework using Similarweb data to gauge growth impact.
