Shareholders of Apple (NASDAQ:AAPL) nixed a proposal that would require the company to disclose its Artificial Intelligence (AI) initiatives, the Wall Street Journal reported. The proposal, presented by AFL-CIO Equity Index Funds, aimed to compel Apple to produce details regarding its AI usage and to reveal any ethical frameworks it has implemented.
In its announcement of the outcomes from the annual shareholder meeting on Wednesday, Apple confirmed that the proposal did not pass.
Cook Sees AI as a Solid Growth Catalyst
Apple’s CEO, Tim Cook, emphasized during the Q1 2024 conference call that the company is allocating significant time and resources toward AI. He plans to provide further insights into Apple’s ongoing AI initiatives later this year. Further, he sees substantial growth opportunities associated with Gen AI and AI technologies for Apple.
While Apple will provide detailed information regarding its AI efforts later in the year, it already leverages machine learning and AI in its product ecosystem.
Is Apple a Buy or Sell?
Apple stock is trading in the red and has lost nearly 6% of its value year-to-date as its Q1 results showed challenges in China. However, the stock is still up about 25.5% in one year.
Currently, AAPL stock has 16 Buys, eight Holds, and one Sell recommendation for a Moderate Buy consensus rating. Analysts’ average price target of $206.15 implies 13.63% upside potential from current levels.
