Apple WWDC 2024: here are the AI announcements $AAPL made today

Apple Inc (NASDAQ: AAPL) is in the red at writing even though it made significant AI announcements on Monday. 

What you need to know about Apple Intelligence

The multinational will integrate Apple Intelligence - a set of new tools capable of analysing data as well as generating texts and images across a bunch of its apps. 

Apple Intelligence is an offering that goes “beyond artificial intelligence” and focuses on “personal intelligence”, Tim Cook - the chief executive of Apple Inc said at the Worldwide Annual Developers Conference on Monday. 

The generative AI models that power Apple Intelligence will be available on iPadOS, macOS, and the iOS, he added. 

Apple stock that currently pays a dividend yield of 0.52% is up some 17% versus its year-to-date low in April. 

$AAPL is bringing ChatGPT to the iPhone

At the 2024 WWDC, Apple Inc also confirmed that it will rely on its own server chips to enable AI features on its smart devices. 

Note that Apple Intelligence will roll out as a “beta” in the fall. The tech titan is committed to adding new features and languages to it in 2025. 

On Monday, $AAPL announced a partnership with OpenAI and said the world renowned ChatGTP will be integrated into the iPhone via Siri. 

The company based out of Cupertino, California is in talks with Google to add Gemini as well, its chief executive added. The AI announcements arrive only days after Apple Pay was reported to have surpassed PayPal as the favoured as the in-store mobile wallet for retail buyers.

What else did Apple announce at the 2024 WWDC?

While artificial intelligence was the front and centre of Apple's 2024 WWDC, the iPhone maker did make a bunch of non AI announcements at the annual conference as well.

These include iOS 18, updated tvOS for Apple TV, iPadOS18, VisionOS 2, updates for AirPods, macOS Sequoia, genmoji (custom emoji), Apple Passwords app, and WatchOS 11.

Still, analysts at UBS reiterated their "neutral" stance on Apple stock ahead of the Worldwide Developers Conference saying "iPhone purchase intent remains soft while interest in AI is muted". Their $190 price target suggests 2.0% downside from here.

Last month, $AAPL reported its financial results for the second quarter that topped Street estimates even though iPhone sales came in down 10% on a year-over-year basis (read more). Apple Inc authorised its biggest-ever stock buyback programme ($110 billion) at the time as well.