Latest news with #Apple
NBC News
31 minutes ago
- Business
- NBC News
Apple sued by shareholders for allegedly overstating AI progress
(Reuters) — Apple was sued on Friday by shareholders in a proposed securities fraud class action that accused it of downplaying how long it needed to integrate advanced artificial intelligence into its Siri voice assistant, hurting iPhone sales and its stock price. The complaint covers shareholders who suffered potentially hundreds of billions of dollars of losses in the year ending June 9, when Apple introduced several features and aesthetic improvements for its products but kept AI changes modest. Apple did not immediately respond to requests for comment. CEO Tim Cook, Chief Financial Officer Kevan Parekh and former CFO Luca Maestri are also defendants in the lawsuit filed in San Francisco federal court. Shareholders led by Eric Tucker said that at its June 2024 Worldwide Developers Conference, Apple led them to believe AI would be a key driver of iPhone 16 devices, when it launched Apple Intelligence to make Siri more powerful and user-friendly. But they said the Cupertino, California-based company lacked a functional prototype of AI-based Siri features, and could not reasonably believe the features would ever be ready for iPhone 16s. Shareholders said the truth began to emerge on March 7 when Apple delayed some Siri upgrades to 2026, and continued through this year's Worldwide Developers Conference on June 9 when Apple's assessment of its AI progress disappointed analysts. Apple shares have lost nearly one-fourth of their value since their December 26, 2024 record high, wiping out approximately $900 billion of market value.
Yahoo
32 minutes ago
- Business
- Yahoo
Apple internally weighs bid for ChatGPT rival Perplexity, Bloomberg says
-- Apple Inc (NASDAQ:AAPL) has held internal discussions about acquiring Perplexity AI, a fast-growing artificial intelligence startup known for its advanced chatbot platform. The talks, reported by Bloomberg and involving senior executives including M&A chief Adrian Perica and services head Eddy Cue, are still at an early stage and may not result in a formal offer. The move underscores Apple's struggle to keep pace with rivals amid increasing pressure to integrate artificial intelligence across its hardware and software ecosystem. In particular, Apple has faced persistent delays in its efforts to upgrade Siri, leaving the voice assistant trailing competitors such as OpenAI's ChatGPT and Elon Musk's Grok. Perplexity, recently valued at $14 billion in a funding round, could significantly accelerate Apple's ambitions in AI-driven search and user interaction. The acquisition would also represent the largest in Apple's history, surpassing its previous deals in both scale and impact on the company's long-term strategy. Apple's interest in Perplexity also comes as it reassesses its relationship with Google (NASDAQ:GOOGL), whose search engine generates an estimated $20 billion a year for Apple as the default option on iPhones and other devices. That deal has come under regulatory scrutiny from U.S. antitrust authorities, fueling uncertainty around its future and prompting Apple to consider building its own AI-based search engine. According to Bloomberg, Apple has not yet contacted Perplexity's leadership about a potential takeover. Meanwhile, Meta Platforms (NASDAQ:META) reportedly attempted its own bid earlier this year but could not come to terms, instead pivoting to a $14.3 billion deal for a 49% stake in Scale AI as it builds a team focused on producing a 'superintelligence.' The AI market has become increasingly competitive as Big Tech firms vie for top talent and cutting-edge capabilities to stay ahead in the generative AI race. For Apple, generally conservative about large-scale acquisitions, a move on Perplexity would signal a strategic departure, highlighting the urgency of closing its AI gap. Related articles Apple internally weighs bid for ChatGPT rival Perplexity, Bloomberg says QXO won't participate in bidding war for GMS - source Reddit in talks to use Sam Altman's World ID for user verification - Semafor Sign in to access your portfolio
CNA
an hour ago
- Business
- CNA
Apple executives held internal talks about buying Perplexity, Bloomberg News reports
Apple executives have held internal talks about potentially bidding for artificial intelligence startup Perplexity, Bloomberg News reported on Friday, citing people with knowledge of the matter. The discussions are at an early stage and may not lead to an offer, the report said, adding that the tech behemoth's executives have not discussed a bid with Perplexity's management.
Reuters
an hour ago
- Business
- Reuters
Apple executives held internal talks about buying Perplexity, Bloomberg News reports
June 20 (Reuters) - Apple (AAPL.O), opens new tab executives have held internal talks about potentially bidding for artificial intelligence startup Perplexity, Bloomberg News reported on Friday, citing people with knowledge of the matter. The discussions are at an early stage and may not lead to an offer, the report said, adding that the tech behemoth's executives have not discussed a bid with Perplexity's management. Apple and Perplexity did not immediately respond to requests for comment.
Yahoo
an hour ago
- Business
- Yahoo
Apple executives held internal talks about buying Perplexity, Bloomberg News reports
(Reuters) -Apple executives have held internal talks about potentially bidding for artificial intelligence startup Perplexity, Bloomberg News reported on Friday, citing people with knowledge of the matter. The discussions are at an early stage and may not lead to an offer, the report said, adding that the tech behemoth's executives have not discussed a bid with Perplexity's management. Apple and Perplexity did not immediately respond to requests for comment. Sign in to access your portfolio
