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Panoply of New Releases Can’t Stop Apple’s (NASDAQ:AAPL) Decline
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Panoply of New Releases Can’t Stop Apple’s (NASDAQ:AAPL) Decline

Story Highlights

Apple rolls out a vast array of new features at its WWDC event but shares slump anyway.

I don’t know what happened at Apple (NASDAQ:AAPL) today because today should have been a much better day than it was. Apple shares fell almost 2% after the Worldwide Developers’ Conference (WWDC) event showed off several new developments, and investors apparently found all of them sorely lacking.

Apple went all out in terms of raw hubris, declaring that AI now stood for Apple Intelligence, as opposed to what we believed it was—and it still really is—all along, artificial intelligence. And Apple Intelligence actually was their lead-off development, an artificial intelligence system that could do several key tasks much the same as ChatGPT could, including summarizing text, writing its own text, and creating original images based on photos in a user’s library.

AI also found its way into Siri, which can now remove portions of pictures for use elsewhere and perform actions across multiple apps. Also coming soon are “help me write” apps that allow users to generate some text via AI for them to alter to their own tastes later and the Genmoji system, which will allow users to make their own emojis.

New Feature after New Feature

Apple proceeded to wheel out new feature after new feature, showing off a new password management tool called Passwords, which uses iCloud Keychain to help keep your passwords in good order. It also showed off tvOS 18, an operating system for home theater buffs, and the InSight function, which works similarly to the X-ray function on Amazon (NASDAQ:AMZN), but for Apple. It now includes support for 21:9 projectors, an upgrade for the Enhance Dialogue feature, and new screensavers.

Is Apple a Buy, Hold, or Sell?

Turning to Wall Street, analysts have a Moderate Buy consensus rating on AAPL stock based on 22 Buys, 11 Holds, and one Sell assigned in the past three months, as indicated by the graphic below. After a 5.91% rally in its share price over the past year, the average AAPL price target of $207.72 per share implies 7.81% upside potential.

Disclosure

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