Apple Fails at Developer’s Gathering

Attendees dubbed the Apple Inc. (NASDAQ: AAPL) worldwide developers conference a “failure” and a “setback.” Their main concern was the price. It is precisely what investors did not need, as the stock has been down by as much as 20% this year. And Apple has lost its spot as the world’s most valuable company, falling behind Nvidia and Microsoft.

The event, called WWDC, was Apple’s chance to give the world an early look at its artificial intelligence (AI) products. It is generally considered to be a year behind its competition. It has been said that its fully featured AI products will be launched next year.

The company did release a new operating system that works across all Apple devices. It also launched a liquid design, which has “transparent buttons, sliders, and other interaction elements,” according to one attendee.

One analyst echoed the sentiments of most in the financial sector. “Many of the AI features announced were more incremental in our view, and already available through competitor applications,” said UBS’s David Vogt. He also was disappointed that Apple did not signal more about its upcoming AI features.

One positive outcome from the meeting is that developers will have access to Apple’s AI software. CEO Tim Cook described this as a way to “harness the power of Apple Intelligence.” It is not yet clear whether the products from this collaboration can be sold at the Apple Store, which is the most likely way for deployers to make money.

Bloomberg pointed out that “The company has filled some gaps in its AI lineup by teaming up with OpenAI, maker of ChatGPT.” That is well short of what developers and investors were hoping for.

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