Despite these challenges, investors are keenly watching for signs of Apple's progress towards an AI-led future. The company has been criticized for lagging behind competitors in AI, and it has yet to reveal concrete details about its AI plans. The company's annual WWDC event, scheduled for June 10 to 14, is expected to bring some significant AI announcements.
Key takeaways:
- Apple's stock rose by over 4% following a Bloomberg report that the company plans to revamp its Mac lineup with new M4 processors focused on AI, marking the best day for Apple's stock since May.
- Apple has faced a number of setbacks this year, including a drop in iPhone sales in China, abandoning its electric vehicle project, and facing regulatory scrutiny and lawsuits over alleged anticompetitive practices.
- The European Commission fined Apple 1.8 billion euros (roughly $1.9 billion) over App Store restrictions around music streaming apps, a decision Apple plans to appeal.
- Despite the company's focus on AI, some investors and analysts believe Apple is lagging behind its competitors in this area, and are eagerly awaiting concrete details about the company's AI plans.