Apple is moving more slowly on developing generative-AI products than some of its Big Tech peers, leaving investors wondering when, or if, it will go all in on the technology.
Brian Mulberry, a portfolio manager at the Apple shareholder Zacks Investment Management, told The Wall Street Journal the company hadn't really made a "big splash in the AI space yet."
He said: "AI is what most investors are really excited about. Almost all momentum in the market in general is being fueled by AI."
After being spurred on by eager investor interest, companies such as Google, Microsoft, and Meta have been pushing out buzzy artificial-intelligence products at pace. But Apple has yet to make any major announcements.
Apple CEO Tim Cook has, however, been eager to reassure shareholders that the company is big on AI.
At the company's annual shareholder meeting on Wednesday, Cook said the firm had been innovating in AI for years and was "currently investing significantly in this area."
The CEO said he saw incredible "breakthrough potential" for the tech, adding that it would unlock "transformative opportunities" for users, according to Reuters. He also said there was "no better computer for AI" than the Apple Mac.
While Cook said he wasn't ready to give more details on Apple's AI development, he told shareholders the company would disclose its plans later this year, Reuters reported.
David Wagner, a portfolio manager at the Apple shareholder Aptus Capital Advisors, told the Journal that while AI was "the topic du jour," the market tended to be driven by narrative.
"Everybody is clamoring for Apple to have a story," he told the news outlet.
Representatives for Apple didn't immediately respond to a request for comment from Business Insider, made outside normal working hours.
At the Wednesday meeting, Apple shareholders also voted down a request for an AI-transparency report. The report, backed by Apple's labor force, would have delved into the ethics of how the company was using AI, Bloomberg reported.
