Apple shares are trading 1.7% lower after the conclusion of the company’s keynote for the 2024 Worldwide Developers Conference, at about $194.13.
The stock is now roughly flat so far this year.
The event, which ran for about an hour and 40 minutes, jammed all of the newsiest bits into the last 30 minutes or so, after an hour of operating system upgrade announcements.
The last section included the debut of the company’s new “Apple Intelligence” AI platform, a reworked version of the Siri voice interface, a new privacy focused cloud-based AI service powered by Apple silicon, and a partnership with OpenAI that provides free ChatGPT access to iPhone, iPad, and Mac users.
News that Apple Intelligence will only work with iPhone 15 Pro models, which account for about 5% of the company’s iPhone installed base, would suggest the company sees an opportunity here to drive a new iPhone upgrade cycle. That element of the story was widely anticipated, however, and investors appear to be selling on the news.
Apple Intelligence will also work with iPads and Macs based on the Apple’s own chips. That includes MacBooks going back to 2020 and iPads going back to 2021.