Consumer sentiment, Regeneron meeting, Apple WWDC: What to Watch
Market Domination Overtime hosts Julie Hyman and Josh Lipton preview the top market stories and headlines Wall Street will be paying attention to tomorrow, Friday, June 13, including June's preliminary consumer sentiment reading, Regeneron Pharmaceuticals' (REGN) annual shareholder meeting, and the closing day of Apple's (AAPL) 2025 Worldwide Developers Conference (WWDC).
To watch more expert insights and analysis on the latest market action, check out more Market Domination Overtime here.
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This post originally appeared in the BI Tech Memo newsletter. Sign up for the weekly BI Tech Memo newsletter here. WWDC was a bit of a bust. Apple's Liquid Glass design overhaul was criticized on social media because it makes some iPhone notifications hard to read. A few jokers on X even shared a screenshot of YouTube's play button obstructing the "Gl" in a thumbnail for an Apple Liquid Glass promo. Need I say more? The more serious question hanging over this year's WWDC was not answered. When will Siri get the AI upgrade it desperately needs? Software chief Craig Federighi delivered the bad news: It's still not ready. That knocked roughly $75 billion off Apple's market value. The stock recovered a bit, but it's still badly lagging behind rivals this month. Google, OpenAI, and other tech companies are launching powerful new AI models and products at a breakneck pace. Apple is running out of time to prove it's a real player in this important field. Analyst Dan Ives is usually bullish, but even he's concerned. "They have a tight window to figure this out," Ives wrote, after calling this year's WWDC a "yawner." AI is complex, expensive, and takes a long time to get right. Apple was late to start building the needed foundational technology, such as data centers, training data pipelines, and homegrown AI chips. By contrast, Google began laying its AI groundwork decades ago. It bought DeepMind in 2014, and this AI lab shapes Google's models in profound ways today. When I was at Google I/O last month, one or two insiders whispered a phrase. They cautiously described an "intelligence gap" that could open up between the iPhone and other smartphones. Many Android phones already feature Google's Gemini chatbot, which is far more capable than Siri. If Apple's AI upgrade takes too long, this intelligence gap could widen so much that some iPhone users might consider switching. At I/O, these insiders only whispered this idea. That's because it will take something pretty dramatic to get people to give up their iPhones. This device has become a utility that we can't live without — even for the few days (weeks?) it might take to get used to an Android replacement. Still, if Apple doesn't get its AI house in order soon, this intelligence gap will keep growing, and things could get really siri-ous. Read the original article on Business Insider