Apple stock is missing out on the artificial intelligence rally, but that could change soon

While Apple stock is missing out on the artificial intelligence, especially generative AI, rally, there are increasing signs that the company is scrambling to catch up and will make AI announcements soon. 
Adam Clark for Barron’s:
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Stockholders hoping to hear the company’s AI strategy from the horse’s mouth are likely to have to wait until Apple’s Worldwide Developers Conference, which is expected to take place in June. The conference is likely to be when the company discloses how it will integrate AI into its latest update of the iOS operating system. 
Apple bought the Canadian AI start-up DarwinAI earlier this year and has integrated dozens of its employees, according to Bloomberg, citing people with knowledge of the matter. DarwinAI’s specialty is technology for visual inspection during manufacturing, but it also has a platform for generating slimmed-down AI models—the kind that could be particularly useful for putting the technology on a smartphone without relying on a connection to a server…
Apple has acquired numerous small AI start-ups over the years, including 25 acquisitions in the sector between 2016 and 2020 alone, according to GlobalData, often with a focus on improving its Siri digital assistant.
Stockholders might question the results of those acquisitions, as Siri hasn’t exactly sparked the same excitement as ChatGPT or its fellow chatbots. However, as AI inevitably comes to mobile devices, Apple’s expertise in custom chips for smartphones and its strength in accessories that can be used to gather data should put it in a good position to make up for lost time.

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MacDailyNews Take: As we wrote last October:
Thanks to the products Steve Jobs built, the company can now afford to be somewhat reactive at times. For a company like Apple, generative AI is not tremendously difficult; it’s what it’s fed that’s most important, followed by where it’s done: on-device-only (high privacy), cloud-only (encrypted, hopefully), or some mix of the two.
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