Investing.com -- Apple's trajectory for its artificial intelligence ambitions remains "uncertain" after the tech giant's latest quarterly results, according to analysts at PhillipCapital.
In a call with analysts last week, Chief Executive Tim Cook hinted that Apple (NASDAQ:AAPL) would soon be sharing "some very exciting things with our customers" regarding its advances in so-called generative AI. Cook said that he felt "bullish" about the company's AI prospects, adding that it is continuing to make "significant investments" in the technology.
Even still, Apple has been seen a relative laggard in the race among the tech industry's most vaunted firms to adopt and integrate AI into their services.
This perception, along with headwinds including fierce competition for its flagship iPhone in China, have weighed on Apple's share price throughout 2024. The stock has slipped by more than 2% so far this year, although it pared back some of these declines last week thanks to better-than-expected fiscal second-quarter results.
The PhillipCapital analysts said that the share price losses have persuaded them to upgrade their rating of Apple to "Accumulate" from "Neutral." They added that Apple's disclosures about its future plans, particularly at its much-anticipated developers' conference in June, will shape the company's short- and long-term outlook.