Apple Inc. (AAPL) held its flagship world wide developer conference on June 9th to provide insights into the latest developments of Apple technology. Changes coming to iOS, iPados and MacOS were announced later this year, but there’s not much light on Apple Intelligence, the native AI software for iPhone developers.
Intelligent Actions appears in the shortcuts app that integrates Apple Intelligence into existing shortcut programs. There are also some sprinkles of Apple Intelligence for various software updates, including Imessages’ Genmoji. However, some analysts remained disappointed by the lack of attention the struggling Apple AI software gained in the meeting. This disappointment also leaked to investors’ trust as AAPL investors wanted AAPL to catch up with the popular AI race.
Goldman Sachs analyst Michael NG shared Apple’s (AAPL) disappointment in his latest investor report. At WWDC, Apple “announcing design improvements and new features in its operating system and first-party apps, but failed to demonstrate substantial progress in Apple Intelligence,” the analyst added: “Apple has confirmed that the ability to make Siri more personal is delayed until next year. Compared to last year’s WWDC, the word Siri has been mentioned 54 times.
Why Some Analysts Still Have Hope for Apple (AAPL)
Meanwhile, some analysts were optimistic. Bank of America equity analyst Wamsi Mohan shared the same sentiment in the report. “Please note that despite the overwhelmingness of WWDC over the past few years, it has affirmed Apple’s privacy-centric AI. This is important for Apple’s ecosystem users, and we believe it can be cleverly proven as AI is still in its early stages and barely guardrail.” Furthermore, Morgan Stanley analyst Erik Woodring has shed light on the potential AI-powered App Store coming from Apple in the future. “Apple also shows that it is opening AI models to more than 30 million global developers to build new AI-powered capabilities for its ecosystem that are somewhat similar to the modernized App Store moment.”
For a long time, Apple (AAPL) has been an unparalleled leader in market capitalization rankings. iPhone developers not only became the first to reach the $2 trillion market value, but also became the first to reach the $3 trillion mark. However, that advantage has declined over the past few months. Currently, Apple is currently performing the worst of its “epic 7” major high-tech peers, at around 19% per year.
The company faces delayed sales in China and slower smartphone market. Several investment companies have also downgraded stock forecasts for iPhone developers, including Jefferies and Loop Capital. In press time, the AAPL is $202, falling below the 200-day simple moving average midway through the 52-week range. Analysts have hoped WWDC would return hype and momentum to Apple stock, but that has not yet been seen.
