Apple announces new AI tools at WWDC, stock closes 1.9% down

Photo credit: Apple

Apple announced a number of new products at its annual Worldwide Developers Conference (WWDC) on Monday, chief among them being a series of AI tools called Apple Intelligence.

These AI capabilities will be embedded in its hardware, including the iPhone, Mac, and iPad. They will be integrated with various Apple features such as mail, photos, and Siri

Tim Cook, the firm’s CEO, emphasized that the firm’s AI capabilities will access information “in a completely private and secure way” to assist users in accomplishing tasks.

“Our unique approach combines generative AI with a user’s personal context to deliver truly helpful intelligence,” Cook said in a statement.

Apple also announced that it will integrate OpenAI’s ChatGPT into its platforms, including Siri and its writing tools. The feature will be launched later this year.

Before the WWDC, analysts expected that AI could be one of the key factors in reversing recent slumps in iPhone sales. Previously, investments in AI had propelled Microsoft and Nvidia to surpass Apple in terms of market capitalization.

Apple’s stock on the Nasdaq fell 1.9% at the close on the day of the WWDC. This decline occurred during the keynote address, exceeding the 1.5% drop during the 2016 conference.

Competition among global tech giants in AI is still brewing. Last month. Microsoft announced a line of AI-powered personal computers, intensifying the competition between Windows PCs and Apple’s Macs.

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