- Apple doesn't yet have a proven track record when it comes to generative AI.
- Tim Cook has sought to reassure shareholders that the company is committed to AI innovation.
- But one shareholder told the Wall Street Journal that Apple hasn't created a “huge buzz” in this area.
Apple's slow pace of developing generative AI products compared to other big tech companies has investors wondering when or if it will commit to the technology in earnest.
Brian Mulberry, a portfolio manager at Apple shareholder Zacks Investment Management, told the Wall Street Journal that the company “hasn't yet made a big impact in the AI space.”
“What most investors are really excited about is AI. Almost all of the market momentum is coming from AI,” he said.
Meanwhile, driven by intense investor interest, companies like Google, Microsoft, and Meta have been rapidly rolling out hot AI products. However, Apple has not made any big announcements yet.
But Apple CEO Tim Cook is eager to reassure shareholders that the company is committed to AI.
Speaking at the company's annual shareholder meeting on Wednesday, Cook said the company has been innovating in the AI space for years and is “currently making significant investments in this space.”
The CEO said he feels the technology has incredible “game-changing potential,” adding that it will open up “transformational opportunities” for users. He also warned that Apple Macs are “better at AI” than their competitors, Reuters reported.
Cook reportedly said he was not ready to provide further details about Apple's AI developments, but said the company would disclose its plans to shareholders later this year.
David Wagner, a portfolio manager at Apple shareholder Aptus Capital Advisors, told the Journal that while AI is an “everyday topic,” markets tend to be driven by narrative.
“Everyone is asking Apple to tell a story,” he told the news outlet.
Apple representatives did not immediately respond to Business Insider's request for comment outside of normal business hours.
At Wednesday's meeting, Apple shareholders also rejected the request for an AI transparency report. The report, backed by Apple's workforce, delved into the ethics of how the company uses AI, according to Bloomberg.
