GoKawiilApple shares fell 3% on Tuesday, a day after the company revealed new artificial intelligence software at its annual Worldwide Developers Conference.
Apple announced new frameworks that will allow app developers to tap into Apple's AI on iPhones and Macs, called Apple Intelligence, as well as a new version of Siri called Siri AI that's based on large language models. Apple also revealed that it is using a cloud model "comparable" to so-called frontier models with help from Google and Nvidia .
But investors sold the news and Apple is on track for its worst day since February.
Analysts reacted positively to Apple's announcements and praised the Siri improvements. But some analysts said there weren't many surprises, and that it wouldn't be a short-term boost for the stock, especially since Apple didn't commit to a release date for Siri AI, although developers can already test it out in beta software.
"While the company laid out a decent vision and some early personalized/contextual AI use cases, it plans on releasing Siri AI beta later this year, with no concrete timing of a full release," wrote Baird analyst William Power. "We think that's contributing to the intraday sell-off."