Tyler Le/Insider
- Apple has yet to make its mark when it comes to generative AI.
- Tim Cook has tried to reassure shareholders the company is committed to AI innovation.
- A shareholder told The Wall Street Journal Apple hadn't made a "big splash," in the space, however.
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 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."
Meanwhile, after being spurred on by eager investor interest, companies like Google, Microsoft, and Meta have been pushing out buzzy AI products at pace. But Apple has yet to make any major announcements.
Apple's CEO Tim Cook has been eager to reassure shareholders that the company is big on AI, however.
At the company's annual shareholder meeting on Wednesday, Cook said the firm has 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. He also flagged that Apple Macs were "better for AI" than rivals, Reuters reported.
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, the report said.
David Wagner, a portfolio manager at Apple shareholder Aptus Capital Advisors, told the Journal that while AI "is the topic du jour," the market tends to be driven by narrative.
"Everybody is clamoring for Apple to have a story," he told the news outlet.
Representatives for Apple did not 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, per Bloomberg.