Well there is that.
From Yahoo Finance, June 12:
Generative AI has been massively hyped for the past year and a half since the introduction of ChatGPT.
Most of us, though, aren’t really using it daily beyond AI search results or interacting with an AI chatbot when we contact customer service.
Is Apple’s (AAPL) personalization pitch — "AI for the rest of us" — the long-awaited killer use case?
Investors who bid up the stock to a record on Tuesday (after the shares’ initial lackluster reaction to the AI product announcements on Monday) seem to think so.
There are plenty of analysts who predict the new capabilities will drive an iPhone upgrade cycle.
There are plenty more who found the introduction "underwhelming," including Needham’s Laura Martin.
She wrote, "There was nothing we heard during the WWDC keynote that makes us believe that consumers will buy iPhones faster than our current projections. GenAI was the best hope, but fizzled."
Thus far, investors have been willing to bet on a certain level of hype when it comes to AI.
We’ve seen triple-digit gains in Nvidia’s (NVDA) revenue, driven by data center demand centered around AI training. We’ve heard about new AI capabilities touted by corporations from Salesforce (CRM) to Adobe (ADBE) — heck, Taco Bell owner Yum Brands just told us how it’s using AI.
As my colleague Ethan Wolff-Mann wrote in yesterday’s Morning Brief, the case has been made that AI will transform corporate productivity. (Whether it actually will is TBD.)
Apple’s challenge — and Alphabet’s (GOOG, GOOGL), and Microsoft’s (MSFT) — is proving to consumers that they need AI functionality....
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In pre-market trade the stock is giving back some of yesterday's $14+ up-move, down $1.15 (-0.56%) at $206.00.
Previously:
"Apple stock surges to record high after AI announcements" (AAPL)
Two things upfront.
1) I, and the market, may have misread things yesterday:
"Here’s everything Apple announced at the WWDC 2024 keynote, including Apple Intelligence, Siri makeover" (AAPL)
The market appears to be a bit underwhelmed, AAPL down $3.74 (1.90%) at $193.15....2) We didn't misread nuthin'. What Apple announced is pretty damn feeble.
