Apple Caught Off Guard By Industry's Sudden AI Fever As Executives Fret Over 'Pretty Big Miss,' Says Gurman — Here's Where Tech Giant Is In Its Pursuit
Portfolio Pulse from Shanthi Rexaline
Apple Inc. (NASDAQ:AAPL) is reportedly late to the AI party, with executives expressing concern over the company's slow progress in the field. The company's only significant AI release so far is an improved auto-correct feature in iOS 17. Apple is now working on its own large-language model called Ajax and has rolled out an internal chatbox dubbed 'Apple GPT' to test out the functionality. The company is likely to spend about $1 billion per year on these efforts.
October 22, 2023 | 5:03 pm
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NEGATIVE IMPACT
Apple's late entry into the AI field and the associated concerns expressed by its executives could potentially impact investor confidence in the company's ability to innovate and compete in this area. This could have a short-term negative impact on the company's stock.
The news indicates that Apple is behind its competitors in the AI field, which is a key area of technological innovation. This could potentially impact investor confidence in the company's ability to innovate and compete, which could in turn affect the company's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100