Apple's CEO, Tim Cook, has assured investors that the tech giant is heavily investing in the development of generative artificial intelligence (AI). This announcement comes at a crucial period when Apple is reportedly lagging behind its competitors, Google and Microsoft, in advancements in the AI field.
Brian Mulberry, a portfolio manager, emphasized the excitement investors hold for AI, stating that it is responsible for much of the current market momentum. Mulberry also commented that Apple has yet to make a significant contribution to the area.
At the company's annual meeting, Cook promised shareholders about the potential of generative AI. He said, "We see it having immense potential for groundbreaking advancements that could reshape our users' productivity, problem-solving capabilities, and more". While details were scant regarding the company's specific AI projects, Cook seemed upbeat, hinting at future revelations, "Later this year, we anticipate unveiling new ways we're leveraging AI to redefine what's possible."
Cook also tried to highlight Apple's existing engagement with AI. He claimed that products such as Vision Pro's hand-tracking tool and the heart rate alerts on the Apple Watch were all AI-powered. He further stressed that AI is crucial for both everyday tasks and essential functions. He explained that AI allows your Apple Watch to track your workouts, differentiate between activities like walking or swimming, and even enables your iPhone to call for help during a car accident.
At the same meeting, shareholder AFL-CIO Equity Index Funds raised the question of AI transparency, asking Apple to disclose its ethical guidelines in AI management. This proposal, however, was rejected by other investors fearing it could expose Apple's trade secrets.
