Apple Stock Slides as AI Pivot Raises Growth Concerns
• Apple stock hit a nearly 4-month low amid questions about the company's AI initiatives compared to peers like Microsoft • Shares have fallen 3% in 2023 while the broader market has gained over 7% • Apple has underperformed the S&P 500 on a 6-month, 1-year, and 2-year horizon • The company recently abandoned its electric vehicle project to refocus on AI • Expectations of weak iPhone sales growth also pressure the stock, which makes up 58% of revenues