Read on to learn about the company’s new products and how market participants reacted.
Apple’s share price has been volatile this year as it lags behind its peers in artificial intelligence (AI) innovation.
Apple’s share price opened this week at US$182.37 on Monday (May 6), and remained relatively steady leading up to the Let Loose event, which took place at 10:00 a.m. EDT on Tuesday. Unlike previous Apple events, Let Loose took place before US markets closed, perhaps to allow European and Asian customers a chance to watch in real time.
As mentioned, Apple unveiled a range of new products and updates at Let Loose, including new iPads, the new M4 chip, new iterations of its fresh AI capabilities and upgrades to its accessories.
Upgrades to the product line include high-resolution Liquid Retina displays, faster Wi-Fi connectivity and back and landscape front-facing cameras with AI-enabled Center Stage technology that uses machine learning to keep everyone within view during FaceTime calls. The company also shared other new AI capabilities, with an Auto Enhance tool in Photomator for easy photo-quality improvement and motion tracking on Onform to optimize athletic performances. The iPad Airs also have integration with cloud-based apps like Microsoft Copilot, 365 and Adobe Firefly.
Additionally, its 10 core graphics processing unit is equipped with machine-learning accelerators and features Dynamic Caching, an innovative addition to the M3 chip family that allows for real-time memory allocation, improving overall efficiency. Finally, the chip includes a 16 core neural engine, Apple’s fastest to date, enabling on-device machine learning.
As for accessories, Apple introduced a new Magic Keyboard with a built-in trackpad that attaches magnetically to the iPad, as well as a more precise Pencil Pro. The Pencil Pro comes with a sensor that lets users easily switch between tools, change colors and adjust line weight. The new model will come integrated with the Find My app.
In addition to hardware, Apple added Final Cut Pro, enhanced with new AI features to help users improve the quality of their photos and videos, to iPad for the first time. Other AI components include Live Multicam, which lets users capture up to four angles of the same scene. Final Cut Pro will also be available to download on Mac 10.8.
The new version of Logic Pro will be available for iPad 2 on May 11 and for Mac 11 on May 13.
The market’s reaction to the Apple’s product launch was subdued, with shares initially declining from US$184.79 and then moving back up as the presentation went on to US$184.35. From there, Apple’s share price continued a mostly downward trajectory with sporadic blips, reaching the day’s lowest point of US$181.39 just after noon. The company closed the day at US$182.40, with no discernible movements observed after hours.
Likewise, Dan Ives, managing director of equity research at investment firm Wedbush, said in a note that analysts are now looking forward to the Worldwide Developers Conference in June, for which Apple has been teasing a major announcement related to its AI development. “We believe the seeds for an Apple growth turnaround are being planted in the field by Cook & Co,” he said.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
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