AAPL: Apple Annual Developers Conference Kicks Off Today. Big AI Debut Coming?

iPhone maker is the only big tech firm with no clear strategy or product to join the fiercely competitive AI sector.

• Apple AAPL is expected to surprise the world with a long-awaited update on its AI strategy this week when the company hosts its annual Worldwide Developers Conference (WWDC). The geeky event opens with a keynote speech from chief executive Tim Cook at Apple’s headquarters in Cupertino, California. The iPhone maker is under pressure to outline its involvement in the highly-competitive AI space.
• A few anticipated directions for Apple in the land of AI are for the company to either embrace ChatGPT or to come up with its own version of the popular AI bot that’s been sweeping the technology world. In all fairness, Apple has been adding some AI features in its product suite, including the iPhone, the iPad and the Mac. But a proper gen AI stack is still missing.
• Against that backdrop, shares of Apple have been floating sideways this year, missing out on a powerful leap forward led by AI chip maker Nvidia NVDA. While Nvidia shares are up a solid 150% on the year, Apple is up a yawning 6% over the same period. That’s why the event, stretching all the way through Friday, is a key opportunity for the languishing tech giant to shine again.