Apple (AAPL) CEO Time Cook assured investors that the company is working its way towards generative artificial intelligence by 'investing significantly in this area'.
The iPhone maker is currently getting heat from investors as it has been making slow progress in the generative artificial intelligence field as compared to its rivals, Alphabet Inc.'s (GOOG) Google and Microsoft (MSFT).
Brian Mulberry, a portfolio manager, commented that "AI is what most investors are really excited about. Almost all momentum in the market in general is being fueled by AI." He also stated to The Wall Street Journal that Apple has not made a "big splash" in that area yet.
Cook assured the investors at the company's annual meeting that the company sees "incredible breakthrough potential for generative AI." He further commented, "We believe it will unlock transformative opportunities for our users when it comes to productivity, problem-solving and more."
Cook did not share any further details about Apple's AI development, but he confirmed that "Later this year, I look forward to sharing with you the ways we will break new ground in generative AI, another technology we believe can redefine the future."
The CEO also tried to reframe some of the company's products as "AI-powered" such as Vision Pro's hand-tracking tool and Apple Watch's heart rate alerts to emphasize that Apple has been working with AI for years.
"AI is woven into our users' lives for all sorts of tasks, from the everyday to the essential," Cook said. "AI allows Apple Watch to help you track your workouts, automatically detecting whether you're taking a walk or going for a swim. It enables your iPhone to call for help if you're in a car accident."
At the same meeting, a request for AI-transparency report by AFL-CIO Equity Index Funds was discussed under which Apple was required to disclose its ethical guidelines for AI. However, it was voted down by investors claiming that it would reveal the company's secrets.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.