Apple Sued By Shareholders For A.I. Delays
Consumer electronics giant Apple (AAPL) is being sued by its own shareholders in a proposed class action case over delays related to new artificial intelligence (A.I.) technologies. The lawsuit accuses Apple of downplaying the time needed to integrate advanced A.I. features into its Siri digital assistant, hurting iPhone sales and the company’s share price.Essentially Apple is being sued for not moving fast enough to upgrade Siri with new A.I. features that will help boost iPhone sales and its stock. The lawsuit has been filed in a San Francisco federal court and seeks unspecified damages for shareholders who have lost money in the year ending June 9.The complaints leveled by shareholders in the class action lawsuit have been echoed by Wall Street analysts.Apple’s senior management have been accused of dragging their feet on A.I. upgrades for the company’s various devices, notably the iPhone that accounts for half of Apple’s annual revenue.An upgraded Siri with A.I. capabilities has long been viewed as a potential gamechanger for the iPhone and something that analysts and investors continue to push for from Apple. However, the company recently pushed back the timing for an A.I.-enabled Siri to mid-2026 as its engineers work on the technology.Apple’s stock has continued to sink following the company’s latest developer conference held earlier in June that was light on substantive A.I. upgrades, further disappointing shareholders. AAPL stock is down 18% this year and currently trading at $201 U.S. per share.
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