Apple overpromised and underdelivered with Apple Intelligence, says Maxim's Tom Forte

AI Strategy & Development - Apple is considering using OpenAI or Anthropic to power Siri, acknowledging its in-house AI limitations [1][3] - The market anticipates an upgraded Siri enhanced by AI, but details and timing remain unclear after the developers conference [3][4] - Integrating OpenAI or Anthropic's expertise is viewed as a positive step for Apple's AI development [3][4] Market & Competitive Pressures - Tariffs and weak sales in China, due to competitive pressure and the lack of a robust AI smartphone, pose challenges for Apple [5] - China sales showed slight improvement in the March quarter compared to the December quarter [5] Potential Competition - OpenAI's $64 billion investment in Johnny Ive's company for AI device development is seen more as a defensive move than a direct threat to Apple [6][7] - The industry views OpenAI's hardware efforts as an attempt to diversify and reduce dependence on Apple and Google's ecosystems [7] Analyst Perspective - Tom Forte, a senior consumer internet analyst at Max Group, has a "hold" rating on Apple stock with a price target of $201 [1]