Gene Munster: AI messaging is holding back Apple stock

On the [company’s Q126 conference] call, Cook reiterated that a new Siri, effectively shorthand for next generation Apple Intelligence, is coming this year, but provided no additional details. References to collaboration with Google’s Gemini were positive but lacked substance. Apple also made no mention of its recently reported $2B acquisition of an Israeli AI audio company, which could have served as a tangible signal of progress across AirPods, iPhone, or future wearables.

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The result is a widening gap between thrilled customers and frustrated investors. Customers are more than satisfied, as evidenced by device growth, margins, and revenue momentum into March and June. Investors, however, remain in wait and see mode on AI. Until Apple provides clearer substance or demonstrates its capabilities in market, I expect this tension to persist, even as fundamentals continue to perform.

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