At WWDC24, Apple (AAPL) announced several notable updates that did not include in-house development of Artificial Intelligence. At the event, the tech giant announced Apple Intelligence, which CEO Tim Cook dubbed “personal intelligence.” It will have context-driven notifications, help with writing improvements, and can generate photos.
While spell check is nothing new, the image generation addition is a welcome development.
Markets will watch Tesla (TSLA) stock this morning. The shareholders will vote on CEO Elon Musk’s $56 billion pay package. The CEO already prioritized AI servers for his private companies, which hurts Tesla’s pace of innovation. The conflict of interest contradicts the spirit of the compensation. Tesla will announce the voting results this Thursday.
Southwest Airlines (LUV) added 7% on Monday. Elliott confirmed that it took a $2 billion activist stake. The investment firm wants the airline’s CEO, Bob Jordan, and Chairman Gary Kelly to leave the company. Elliott thinks LUV stock is worth $49, nearly 80% above its recent price.
Elliott’s disruption to Southwest may hurt the business. Its sole interest is to raise the stock price without strengthening the business. It may cut costs and increase efficiency. Unfortunately, it already sold assets. Still, the investor may push Southwest to speed up its restructuring plans.
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