Can Apple's Developers Conference Save the Stock?

Investing

Published: June 10, 2024 6:50 am

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Apple Inc. (NASDAQ: AAPL) is about to hold its annual Worldwide Developers Conference (WWDC).
Will it have any news that offers hope to investors?

Apple Inc. (NASDAQ: AAPL) is about to hold its Worldwide Developers Conference (WWDC), which will include software and hardware engineers from all over the world. Observers of the conference, which has been held in June for years, think the only thing management can say is that Apple is becoming a major artificial intelligence (AI) company. With its stock flat in the past six months, compared to the S&P 500’s 16% increase, the conference is essential to investors. The next major Apple event is the iPhone 16 launch, which will not happen until September.

Anything to Offer?

Source: Justin Sullivan / Getty Images News via Getty Images

Skeptics exist. Apple has not indicated that a big AI announcement is coming. Its alliance with OpenAI, the AI industry leader, is in its early stages. Apple has not hinted about any large AI integrations in iOS, its operating system, for the iPhone or any other Apple hardware.

Bloomberg thinks Apple can make AI, but not soon: “The shift to artificial intelligence promises to be a big opportunity for Apple if it can hone its technology and catch up with rivals. AI-based operating systems will change how people gather information, create and edit content, and navigate their devices.”

Another industry question is what Apple can do that Microsoft Corp. (NASDAQ: MSFT) and other early AI adopters have not done already. They have put advanced AI tools in the hands of both individuals and corporations. Apple makes and buys chips, but Nvidia Corp. (NASDAQ: NVDA) has cornered much of that market, along with Advanced Micro Devices Inc. (NASDAQ: AMD).

WWDC has been an important event for investors many times in the past. There is no evidence Apple has anything to thrill them this year, particularly as far as AI is concerned.

Here Is How Much Money Apple Makes Every Minute

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