Apple Stock Gloom Deepens as Pressure to Show AI Progress Mounts

(Bloomberg) — Apple Inc.’s move to shutter its electric car efforts and divert those resources to artificial intelligence (AI) projects might have emboldened traders a year ago. Instead, the stock’s slump has only deepened.

The Cupertino, California-based company has revealed very little about its AI efforts, with CEO Tim Cook promising shareholders last week that Apple would “break new ground” in AI. Investor impatience is growing, with the stock slumping 12% this year, pulling its market value below Microsoft Corp.’s.