It says something about Apple’s current status that its trailing position in artificial intelligence isn’t the company’s biggest problem. It might seem to be next week, though. Investors are glum ahead of Apple’s Worldwide Developers Conference that kicks off Monday. The stock has slid 20% since the first of the year, which is the worst run the shares have experienced ahead of the company’s WWDC event since at least 2010.
Apple’s big tech peers now use their own annual developer events almost exclusively to tout their progress in AI. But Apple’s conference this year is expected to mainly demonstrate how far behind the company is in what is considered a once-in-a-generation technological shift. The Apple Intelligence service introduced at last year’s conference is still a work in progress, and the Siri digital assistant is still awaiting a promised AI makeover. That won’t be coming next week, at least based on a rare admission Apple made three months ago that its planned Siri upgrade was taking longer than expected. “Apple will be much more cautious about overpromising and will refrain from showing features that aren’t yet ready for prime time,” Craig Moffett of MoffettNathanson predicted in a report Thursday. But AI is only one of the significant problems Apple is facing now. Tariffs threaten the profit margins of the company’s hardware business. And the president of the U.S. is openly pressuring Apple to effectively undo its two-decade-old business model of exclusively producing its devices overseas.

Full story : Artificial-intelligence troubles, as well as tariffs, Google payments and App Store fees, weigh down Apple stock ahead of WWDC.