This is the perfect 2024 headline:
“Apple Cancels Work on Electric Car, Shifts Team to Generative AI”
That’s how Bloomberg summarizes its latest on Apple. The story illustrates how the world’s second-largest company is abandoning an industry that once held great promise and chasing the latest trend.
The moves speak to a company that used to be a leader and is now a follower. It spent 10 years on electric cars but announced to the 2000 employees working on it that it was all-for-naught today.
Instead, many of the employees will shift to generative AI efforts as Apple races to catch up in the biggest investment boom of the 2020s so far.
The Apple chart is an interesting one as it struggles to break $200.
AAPL daily