Apple recently unveiled its new AI platform, Apple Intelligence, at the WWDC event. Despite the excitement, the tech giant’s shares dropped nearly 2%. Investors were expecting more from Apple’s AI initiatives. The new platform aims to integrate generative AI across Apple’s devices. This includes the iPhone, Mac, Mail, Messages, and Photos. The tech giant is marketing this as a unique offering, different from Google’s AI or ChatGPT.
Apple Intelligence Features
Apple Intelligence brings significant updates, particularly to Siri. Siri will have a fresh look, feel more natural, and be more responsive. Users can now ask follow-up questions and interrupt themselves while making requests. Siri can also respond to typed text, not just voice commands. This AI integration allows Siri to be more context-aware of the company’s products. For example, Siri can now save an address sent in a message directly to your contacts. This update makes Siri smarter and more useful.
Musk Threatens Apple Over AI
Elon Musk has threatened to ban Apple devices from his companies following the tech giant’s announcement to integrate OpenAI’s ChatGPT into Siri. Musk is concerned about security risks associated with this integration and stated that Apple products could be banned from Tesla, SpaceX, and X, formerly Twitter.
This concern highlights ongoing tensions between Musk, Apple, and OpenAI. Musk co-founded OpenAI in 2015 but has since criticized it for prioritizing profit over its original mission, escalating disputes to legal action against the company and its CEO, Sam Altman. Additionally, Musk has had contentious interactions with Apple, though a 2022 meeting with CEO Tim Cook temporarily eased tensions.
These strained relationships could impact how AI is perceived and adopted in the industry.
Impact on AI-Linked Cryptos
The announcement from Apple also impacted AI-linked cryptocurrencies. Tokens like Render (RNDR), Fetch.ai (FET), and SingularityNET (AGIX) saw declines of 3%-5%. The broader digital asset market underperformed as well. Traders were not impressed by Apple’s AI reveal. The CoinDesk Computing Index, which includes AI-related tokens, dropped 2.5%. This shows how closely the crypto market watches big tech announcements, especially from a company like Apple.
Apple Faces Challenges
Apple’s entry into the AI market is being closely watched. Unlike Google and Microsoft, Apple has a reputation for security and reliable software. Any missteps with the new AI platform could harm its brand. The company needs to ensure its AI is both innovative and secure. If it faces the same issues as other companies, it could affect users’ trust in generative AI as a whole. Apple’s careful approach might help it avoid the pitfalls that others have encountered.
In summary, Apple’s AI announcement has had mixed reactions. Its shares fell, Elon Musk is concerned, and the impact on AI-linked cryptos was negative. The tech giant must navigate these challenges carefully to maintain its reputation and succeed in the AI space.
