(Bloomberg) -- It’s the moment of truth for Apple Inc.’s artificial intelligence plans — and for the $471 billion rally that has rescued the stock from the...
-- It’s the moment of truth for Apple Inc. ’s artificial intelligence plans — and for the $471 billion rally that has rescued the stock from the doldrums.AI is expected to be a central focus of the company’s annual Worldwide Developers Conference, which begins Monday, and optimism has been steadily growing. Investors are hoping new AI features will be enticing enough for consumers to pay up for the next generation of iPhones, countering the perception Apple has few catalysts for growth.
Despite the recent gains, Apple’s year-to-date rise of 2.3% is paltry compared with the Nasdaq 100 Index’s 13% advance. Stocks with more concrete AI exposure — including Microsoft Corp, Amazon.com Inc., Alphabet Inc., and Meta Platforms Inc. — have all posted double-digit gains. AI-focused chipmaker Nvidia Corp has soared 144%, briefly overtaking Apple in size.The underperformance reflects how growth at Apple has lagged well behind megacap peers. Revenue fell 4.
Bloomberg News has reported that Apple will announce an agreement with OpenAI at the conference, wherein it will integrate the company’s AI model into the iPhone’s operating system. This is likely to mean AI-supported features for the company’s native apps, including Siri, photos, music, and iMessage.
“The event looks at least somewhat built into the stock, and Apple therefore needs to really come up with something new for the momentum to continue,” said Rick Bensignor, chief executive officer of Bensignor Investment Strategies and a former Morgan Stanley strategist.Just over 60% of Nasdaq 100 Index components are above their 200-day moving average, the fewest since November and down from a peak of nearly 90% in January.
Elon Musk and his companies are embroiled in dozens of lawsuits, ranging from fatal crashes blamed on Tesla Inc.’s Autopilot system to civil rights complaints over the treatment of employees. ‘No longer the American dream’: Grant Cardone says people under 30 'should not even consider' buying a homeStock market gains have helped make North America the region with the highest rate of millionaire growth in the world.
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