Apple's shares experienced a notable decline of 3% after the company unveiled its new artificial intelligence software at the Worldwide Developers Conference. The announcements included Apple Intelligence, a framework for app developers, and an upgraded version of Siri, named Siri AI, which utilizes large language models.
Despite positive analyst reactions to the improvements, concerns arose due to the lack of surprises and the absence of a specific release date for Siri AI, which is currently available in beta.
Analysts from firms like Baird and Goldman Sachs acknowledged the potential for a product refresh cycle driven by AI integration but cautioned that the delayed rollout in regions like China and Europe, along with the initial English-only launch, could hinder broader adoption.
UBS analysts expressed doubts about the new features significantly boosting iPhone demand, suggesting that while the AI announcements are interesting, they may not be game changers for Apple's hardware sales. Overall, the market's reaction indicates a cautious outlook on the immediate benefits of Apple's AI initiatives