Apple introduces AI strategy at WWDC

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With it being just over 1.5 years since OpenAI introduced ChatGPT, Apple has unveiled its comprehensive AI strategy, Apple Intelligence. This technology will only be available on iPhone 15 Pro and Pro Max models, which make up about 5% of the current iPhone user base due to hardware requirements. This move aims to drive sales of the high-end models by offering unique AI capabilities, as detailed in Apple's presentation at the 2024 Worldwide Developers Conference.

Apple Intelligence integrates AI across various apps, including new text, image generation tools, and a cloud-based service called Private Cloud Compute, ensuring privacy by leveraging Apple silicon servers. Siri has also been upgraded with advanced contextual understanding. A notable partnership with OpenAI will bring ChatGPT to Apple devices, with optional enhanced features for subscribers. The iOS 18 update introduces various new features, from improved Photos organization to new messaging and security tools, and notable upgrades to AirPods, iPads, and Macs. Analysts responded positively, believing this could trigger a significant increase in iPhone sales, despite a slight dip in Apple shares post-announcement. Other tech stocks, like Microsoft, Alphabet, and Nvidia, saw minor gains, and Vimeo shares rose following the announcement of their new app for Apple's Vision Pro.

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Russell Shor

Senior Market Specialist

Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.

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