Posted 2/28/2024, 8:45:28 PM
Apple Shifts Focus from Electric Car to AI, Seeing 'Breakthrough Potential' for Services and Devices
- Apple is canceling its electric vehicle project and shifting focus to AI initiatives, showing its commitment to being a major player in AI
- Analysts say Apple has been late to AI but has potential for gains across services, devices with AI integration
- Apple sees "breakthrough potential" for generative AI and is investing significantly in the area
- Analysts expect AI capabilities in iPhones to spur a strong 2-year refresh cycle
- Apple shares down 0.8% Wednesday, but up 23% in past year even as it shifts EV focus to AI