Apple showcased its newest—and skinniest—smartphones at its highly-anticipated launch event Tuesday, but failed to impress investors as stocks dived soon after. Stocks dropped by 2.3 percent to $228.95 as of Wednesday morning, reflecting disappointment with the lack of advancements on the company’s artificial intelligence efforts, according to analysts. The Cupertino-based occasion is considered Apple’s most important event of the year as the company aims to impress investors and customers with its latest technology. Apple’s newest designs were leaked ahead of the event by Bloomberg, and according to the outlet, investors were left largely underwhelmed. While the company made advancements with the smartphones’ hardware and design, Apple’s lack of artificial intelligence advancements has put the company in a vulnerable position compared to the rest of its Silicon Valley competitors who have jumped on the AI bandwagon. Along with the iPhone 17 Air—the company’s ultra thin model—the iPhone 17 Pro was released alongside new smartwatches and improved AirPods. CEO Tim Cook has called the Air model “a total game changer.” According to Apple’s press release, the Air is “more durable than any previous iPhone” while also being the “most power-efficient iPhone ever made.”
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