A YEAR AGO, when Apple used a jamboree at its home in Silicon Valley to unveil its artificial-intelligence (AI) strategy, grandly known as Apple Intelligence, it was a banner occasion. The following day the firm’s value soared by more than $200bn—one of the biggest single-day leaps of any company in American history. The excitement was fuelled by hopes that generative AI would enable Apple to transform the iPhone into a digital assistant—in effect, Siri with a brain—helping to resuscitate flagging phone sales. Twelve months later, that excitement has turned into almost existential dread.
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