Apple investors are losing patience with the company’s talk about becoming a more formidable presence in AI and want to see some results.
“There’s a bit of fatigue with Apple and AI,” said Tim Chubb, Chief Investment Officer at Girard, a Univest Wealth Division, which owns the stock in an underweight position, told Bloomberg. “It’s hard to extend them the same benefit of the doubt we used to since there have been so many delays.”
Wall Street was hoping the iPhone maker would come out strong at its annual Worldwide Developers Conference last week, but its presentations were considered underwhelming, and the timing of product availability disappointed.
The overhauled Siri AI assistant will launch this fall, but as a beta version, meaning it remains a work in progress. And the latest AI features won’t initially be available in the European Union or China, two key markets.
The news dashed hopes that Apple’s AI strategy is firmly on track and ready to spur a long-awaited upgrade cycle for iPhone customers.
The stock is coming off its worst week since February, and its 10% gain this year is well shy of the technology-heavy Nasdaq 100 Index’s 19% rise.
“There’s a bit of fatigue with Apple and AI,” said Tim Chubb, Chief Investment Officer at Girard, a Univest Wealth Division, which owns the stock in an underweight position, told Bloomberg. “It’s hard to extend them the same benefit of the doubt we used to since there have been so many delays.”
Wall Street was hoping the iPhone maker would come out strong at its annual Worldwide Developers Conference last week, but its presentations were considered underwhelming, and the timing of product availability disappointed.
The overhauled Siri AI assistant will launch this fall, but as a beta version, meaning it remains a work in progress. And the latest AI features won’t initially be available in the European Union or China, two key markets.
The news dashed hopes that Apple’s AI strategy is firmly on track and ready to spur a long-awaited upgrade cycle for iPhone customers.
The stock is coming off its worst week since February, and its 10% gain this year is well shy of the technology-heavy Nasdaq 100 Index’s 19% rise.