In the end, Apple’s 2024 Worldwide Developers Conference proved to be a flop, with the stock sliding 1.9%, its worst WWDC performance since 2010 and the 4th worst in the iPhone era.
It wasn’t supposed to be like this: Apple was supposed to make the grand introduction of (Open AI’s ChatGPT) artificial intelligence features and pretend they are the company’s, leading to the long-overdue surge in AAPL stock which has painfully underperformed most pure AI names. However, once the market realized that Apple can even in house its own AI module, that’s when the wheels fell off (the “introduction” of a calculator for the iPad did not help Apple’s trailblazing image).
But the slump in AAPL stock was just the start of its woes. Shortly after the close, in response to OpenAI founder Andrej Karpathy’s observation that the laughably named “Apple Intelligence” as it will be called (and which Elon Musk said it is “neither Apple nor intelligent“) will be a persistent layer on top of the entire Apple operating system, Elon Musk made the casual observation that Apple’s approach means that “we can never turn it off“, in other words it is an always on spying system feeding the OpenAI LLM (and who knows what and who else) with constant data.
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