AI Token Reacts Negatively to Apple's New Product
Apple's stock fell nearly 2% as the tech giant unveiled its AI plans at its annual developer event. AI tokens also felt the ripple effects.
AI Token Reacts Negatively to Apple's New Product.
Image: CNBC
Apple's biggest tech event of the year, WWDC 2024, took place in the early hours of June 11 in the U.S., but it didn't meet expectations. Here, the tech giant revealed its AI strategy and how it plans to integrate artificial intelligence into its services.
For the first time, Apple introduced the concept of "Apple Intelligence," describing it as a new generation AI system - set to be deployed across iOS 18, iPadOS 18, and macOS Sequoia by the end of this year.
🚨🇺🇸SIRI TO INTEGRATE WITH CHATGPT IN iOS 18
— Mario Nawfal (@MarioNawfal) June 10, 2024
Apple announced that Siri will soon tap into OpenAI’s ChatGPT, allowing users to access external models for enhanced responses.
Siri will ask if you want to share your question with ChatGPT, then return suggestions from the chatbot.… https://t.co/pKoYdaXrWy pic.twitter.com/Ew0MqNp5po
Of note, the new AI product deeply integrates OpenAI's ChatGPT and "combines AI generation with the personal context of users to deliver true intelligence." CEO Tim Cook called it "a new chapter for Apple," redefining AI and affirming that this information access tool is entirely private and secure.
The news, in partnership with OpenAI, didn't sit well with billionaire Elon Musk. Within just one hour, Musk posted a series of seven strong objections. He even included a meme photo, suggesting that OpenAI is using Apple to exploit user data.
— Elon Musk (@elonmusk) June 10, 2024
Mr. X, CEO of Twitter, threatened to ban Apple devices in his companies if they integrate OpenAI's ChatGPT into iPhone, iPad, and Mac operating systems. Musk emphasized:
"If OpenAI integration reaches OS level, Apple devices will be banned in my companies. This is an unacceptable security breach."
If Apple integrates OpenAI at the OS level, then Apple devices will be banned at my companies. That is an unacceptable security violation.
— Elon Musk (@elonmusk) June 10, 2024
Musk even proposed that visitors to Tesla, SpaceX, and other companies he oversees would need to "Faraday cage isolate their Apple devices," a solution to block all electromagnetic signals, preventing data collection or spying.
It’s patently absurd that Apple isn’t smart enough to make their own AI, yet is somehow capable of ensuring that OpenAI will protect your security & privacy!
— Elon Musk (@elonmusk) June 10, 2024
Apple has no clue what’s actually going on once they hand your data over to OpenAI. They’re selling you down the river.
The billionaire mocked Apple for not being "smart enough" to create their own AI, calling their actions entirely illogical and harmful to customers. In another post, Musk clarified:
"Apple uses 'protect your privacy' rhetoric while handing your data to a third-party AI they don't understand and didn't create. That's not privacy protection."
These controversies led to a nearly 2% decline in Apple's stock price (AAPL), despite key U.S. securities holding steady in the session.
Apple's AAPL stock price on a daily frame, screenshot from Google Finance at 09:55 AM on June 11, 2024
Beyond this, tokens related to artificial intelligence also fluctuated in response to the event. Notably, Render (RNDR), Fetch.ai (FET), and SingularityNET (AGIX) saw decreases of 3-5% over the past 24 hours, while Bittensor (TAO) dropped nearly 6% within the same reference frame. Near Protocol (NEAR) also decreased by 3.2%.
Negative Fluctuations in AI Tokens Over 24 Hours.
Source: CoinMarketCap
