Apple Stock Gloom Deepens as Pressure to Show AI Progress Mounts
Mar 05, 2024 - bloomberg.com
Apple Inc. has decided to close its electric car project and reallocate those resources to artificial intelligence (AI) projects. However, this move has not been well received by traders, resulting in a further slump in the company's stock. The company, based in Cupertino, California, has not disclosed much about its AI projects, with CEO Tim Cook only assuring shareholders that Apple will make significant advancements in AI.
Investors are growing impatient due to the lack of information and the company's stock has dropped by 11% this year. This decrease has brought Apple's market value below that of Microsoft Corp. The shift in focus from electric cars to AI and the subsequent stock slump indicates a challenging period for the tech giant.
Key takeaways:
Apple Inc. has shifted resources from its electric car projects to artificial intelligence.
The company's stock has slumped, with a decrease of 11% this year.
Apple's market value has fallen below that of Microsoft Corp.
Despite the lack of detailed information about its AI efforts, CEO Tim Cook has assured shareholders that Apple will "break new ground" in AI.
