In a widely anticipated step that might fundamentally change the company’s direction, Apple Inc. is preparing to reveal its long-awaited artificial intelligence (AI) plan at the Worldwide Developers Conference (WWDC) in 2024. Distinguished Wedbush analyst Dan Ives has offered perceptive analysis, saying that this event would signal a sea change for Apple and push its stock to previously unheard-of heights. But, there are some concerning news as well, as the Apple stock is at the lowest of the last five months.
Assessing the AI approach
There is a significant deal of excitement among investors and Apple devotees for the developments that are expected to occur at WWDC 2024. After CEO Tim Cook disclosed the AI initiative, renowned financial analyst Dan Ives emphasized the importance of this disclosure and predicted a dramatic shift within the company.
Ives speculates that this historic event could represent a tactical shift toward the full potential of artificial intelligence by bringing the AI app market inside the Apple ecosystem. This is where it gets really risky: Ives believes Apple will see a big increase in pricing, perhaps as high as $250. Ives said,
“Well, I think that’s where Tim Cook is gonna unveil the AI strategy… the start of the AI app store, and this is gonna be so important as AI now comes to the Apple ecosystem. And I think this is gonna be a watershed moment for Apple.”
Source: Schwab Network
On the other hand, Ives doesn’t support Apple’s newest project. As reported by Bloomberg, Apple (AAPL) is reportedly investigating the realm of personal robotics, only weeks after it shelved its electric car project.
Over 12% of Apple’s (NASDAQ:AAPL) stock has dropped since the beginning of 2024 as a result of growing difficulties on multiple fronts. Several Wall Street analysts predict it might take some time before the shares of the iPhone manufacturer start to rise again, as they are now trading close to where they were five months ago.
Investigating future ventures – Apple departing from car endeavors to pursue robotics
According to the story, engineering teams have been working on creating a tiny, personal robot that would follow individuals around their houses. We are currently in the early stages of the project’s research. The personal robots initiative may be the “next big thing” for the business, according to people familiar with the project who spoke with Bloomberg; however, the article also stated that Apple has not yet committed to the project.
On the other hand, if the initiative is successful, Ives told CNBC on Thursday, it would only be a diversion from artificial intelligence, which is the main area he believes Apple should be concentrating on. Ives said,
“It would be a horror show if they actually spent money on robots,. They need to focus on AI.”
Ives also mentioned that Apple CEO Tim Cook’s,
“legacy is going to be AI. If they went after robots, that would be a black-eye moment for Apple.”
Source: CNBC
The failed electric car project is may be the reason behind Ives judgment of the robot initiative. According to documents submitted to the California Employment Development Department, Apple laid off the employment of over 600 Californians as part of its decision to discontinue its automobile and wristwatch display initiatives, as Bloomberg revealed yesterday.
Ives, who hasn’t changed his positive outlook on Apple in the face of recent stock market volatility, is certain that artificial intelligence will be the iPhone manufacturers’ next big thing. He projects a further 15% gain in tech companies this year.
A historic event that might completely change Apple’s future is about to unfold as the corporation gets ready to reveal its AI plan at WWDC 2024. Stakes could not be greater, with Dan Ives anticipating substantial stock gains and Foxconn optimistic about the AI revolution. Will Apple’s AI gambit turn out to be the game-changer that enthusiasts and investors have been waiting for? is the question that stands out amid all of the hype and conjecture.
