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New Siri, New Features: Apple’s Big AI Bet Unveiled

by Team Lumida
June 11, 2024
in AI
Reading Time: 3 mins read
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New Siri, New Features: Apple’s Big AI Bet Unveiled

Source: Apple

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Key Takeaways

  1. Apple launched Apple Intelligence, partnering with OpenAI to enhance Siri.
  2. New features include AI-generated images, text summaries, and improved data security.
  3. The stock declined 1.9% post-announcement, reflecting investor skepticism.

What Happened?

Apple unveiled its new AI platform, Apple Intelligence, at the Worldwide Developers Conference. Partnering with OpenAI, Apple aims to integrate ChatGPT into Siri, offering features like text summarization, image creation, and relevant data retrieval.

The iOS and iPadOS updates include a customizable home screen, new Control Center, and additional productivity tools. The stock dropped 1.9% to $193.12 following the announcement, showing a lukewarm investor reaction.

Why It Matters?

Apple’s move into AI is a strategic attempt to catch up with tech giants like Google and Microsoft, who have already made significant strides in this area. By integrating AI into its ecosystem, Apple aims to enhance user experience and loyalty.

Craig Federighi called it “AI for the rest of us,” highlighting its user-friendly approach. This could potentially drive more frequent upgrades and solidify Apple’s market position, especially as they face a sales slump and increasing competition.

What’s Next?

Apple Intelligence will roll out later this year, with some features delayed until next year. Investors should watch for user adoption rates and any subsequent impact on Apple’s hardware sales. The company’s focus on data security with Private Cloud Compute could also set new industry standards.

Additionally, the international launch of Vision Pro and new software updates for AirPods and Apple Watch signal a broader strategy to integrate AI across all Apple devices. As Tim Cook stated, AI is poised to be “the next big step for Apple,” and its success could determine the company’s future market leadership.

Source: Bloomberg
Tags: AIApple IntelligenceOpenAISiri
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Disclaimer Important Information This site is for informational purposes only. Information presented on this site does not constitute as investment advice.

Lumida Wealth Management LLC (‘Lumida”) is an SEC registered investment adviser. SEC registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the adviser has attained a particular level of skill or ability.

Lumida's website (referred to herein as the "Website") is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of the Website on the Internet should not be construed by any client and/or prospective client Lumida’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet.

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‍Lead Capture Forms: By submitting your contact information in the forms on this site, you are not obligated to invest in Lumida's product or services.
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