Apple Inc. (AAPL) kicked off this week with its annual Worldwide Developers Conference (WWDC) at Apple Park in California.
The WWDC is where developers can attend sessions throughout the weeklong event and meet with Apple engineers. Typically, this is a highly anticipated event, as Apple uses the WWDC to showcase new software and technologies in the macOS, iOS, iPadOS, watchOS and tvOS families, as well as other Apple software.
Now, what’s interesting about Apple is that although it’s part of the “Magnificent Seven” – Alphabet, Inc. (GOOG), Amazon.com, Inc. (AMZN), Meta Platforms, Inc. (META), Microsoft Corporation (MSFT), NVIDIA Corporation (NVDA) and Tesla, Inc. (TSLA) – it’s the only one that hadn’t made its own generative AI.
Well, that finally changed on Monday, when Apple CEO Tim Cook revealed Apple Intelligence. So, in today’s Market 360, I’ll highlight a few of Apple Intelligence’s capabilities, and then I’ll share if Apple’s foray into AI makes the stock a buy right now.
Introducing… Apple Intelligence
Apple Intelligence, according to Apple, will build generative AI “into your iPhone, iPad, and Mac to help you write, express yourself, and get things done effortlessly.”
For example, Apple Intelligence will power a new feature called Writing Tools, shown below. With this tool, users can use AI to proofread, rewrite or summarize a text. They can also select a certain tone for their messages, including “friendly” and/or “professional.”
Along with these new features, Apple Intelligence gets Siri an upgrade, or as Apple says, “superpowers.”
One of these superpowers includes voice-activated action across apps. For instance, if a user has drafted email that they want to send, all they have to do is ask Siri to send the email. The voice assistant knows which email is referenced, which app it’s in and sends it. Apple claims the user doesn’t have to lift a finger – literally.
Siri will also have a richer understanding of language, allowing users to communicate more easily. As the image below shows, a clear, concise sentence is no longer needed to give Siri a command.
Source: Apple
Siri now understands directions, regardless of backtracking or interruptions. The voice assistant also remembers information from a previous request, providing a more natural conversation.
To support some of these AI capabilities, Apple also announced a partnership with OpenAI at the WWDC24 event. Any user requests that Apple Intelligence can’t field will be directed to ChatGPT, OpenAI’s well-known generative AI chatbot.
Apple is not paying OpenAI for the use of ChatGPT… but is providing Sam Altman’s company access to millions of new users.
Apple Intelligence will run on Apple Silicon, chipsets the company developed in-house for its own products. Additionally, the computer processing will be done on a user’s own device, rather than at a data center. Like Apple, many enterprises have been migrating huge portions of their processing infrastructure from offsite data centers back to their own premises. This type of local AI is known as “on-premises AI.” This change helps to ensure the privacy of personal information.
Apple Intelligence will be available in beta this fall, but the company’s rivals don’t need to worry – at least not yet. Apple products still have a limited capability and will take time to gain traction.
Louis Navellier
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I'm happy that I shared this idea with my DW Family last week to buy APPL prior to this important event. Apparently the market is really happy about what they have seen and heard. As such, APPL is on fire this week. My long term call options for APPL has already shot up over 50%. The long-term prospects for APPL is quite bright with their AI-driven initiatives!!
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