On Tuesday, Apple experienced a decline of over 3% in its stock price, following the company’s unveiling of new artificial intelligence software during its annual Worldwide Developers Conference.
The tech giant introduced several new frameworks designed to enable app developers to access Apple's AI capabilities on both iPhones and Macs, a development referred to as Apple Intelligence. Additionally, a revamped version of Siri, termed Siri AI, has been introduced, leveraging advanced large language models. Apple also disclosed its approach to utilizing a cloud model that is comparable to leading-edge models, with significant support from Google and Nvidia.
Despite the innovative announcements, investors reacted negatively, resulting in Apple's worst trading day since February.
Market analysts expressed optimism regarding Apple's new offerings and commended the enhancements made to Siri. However, some noted that the lack of unexpected features and the absence of a specific release date for Siri AI might limit any immediate positive impact on the stock. Although developers will have the chance to test the beta version of Siri AI, uncertainty about a full launch date remains.
Baird analyst William Power remarked, "While the company outlined a promising vision along with some initial personalized and contextual AI use cases, the planned release of Siri AI in beta later this year lacks solid timing for a complete rollout. We believe this uncertainty is fueling the daytime sell-off."
