Ray Wang, Constellation Research founder, joins 'Money Movers' to discuss Apple as the stock is on a decline ahead of its WWDC event today.

Cupertino

Apple has seen its stock fall by almost 20 percent this year, underperforming compared to its major tech peers as the company opens its Worldwide Developers Conference (WWDC). Industry analyst Ray Wang notes that developers are anticipating improvements in user experience and subtle AI-driven features, though a major overhaul of Siri or a new chatbot is not expected at this time. 

Apple continues to prioritize privacy and software reliability, which has slowed the rollout of more ambitious AI features. The company is also focusing on integrating AI at the device level and unifying the user experience across hardware platforms. Despite the stock's decline, Apple's developer ecosystem remains robust, and the company is positioned to adapt as competition in AI and user interfaces intensifies.

Apple WWDC kicks off

Shares of Apple are down now nearly 20 percent this year lagging most of its magnificent seven peers as W.W.D.C. kicks off today. Can the company turn the stock around. Joining us now from W.W.D.C. is Constellation Research Principal Analyst and founder Ray Wong. I understand you you advise all sorts of companies outside of tech inside of tech on what these big companies are doing. What are your hopes for Apple today. Yeah. A lot of what developers are looking for right now is to see what the new user experience looks like. There's a lot of conversations about what this is. This is Project Solarium and really it may look more like the vision OS experience. But a lot of the Apple intelligence features that developers are looking for are happening in the background. Their mass mass personalization at scale their contextual their nudges. These are things that hopefully make things easier for the user. You start seeing them already. If you've checked out your air pods if you turn your head not certain different way you can pick up a call. You can answer them. And so they're building a lot of those little features that are really important to individuals right now. But if you're looking for the big change in Siri a chat bot that's not necessarily going to be there yet. We'll see what the announcements are but their announcements as well. We're thinking about what the integration with Gemini is going to look like. We're thinking about what else. Maybe there's a universal translator capability over time. But that's the things that developers are hoping to take advantage of because they want to rush in and take advantage of the revolution. I mean it's not enough to perk up the investors on the stock which I mentioned down 16 percent or so year to date. Also obviously the trade wins are a big deal. What what is the hold up with something bigger and flashier on AI from this company. Well I think the challenge with Apple has traditionally been around privacy trust and getting the software right. And it seems like they haven't been comfortable with where they are at the moment in terms of making all those features work. You don't want to deliver software that doesn't work and especially in AI. There's a lot of parameters around safety and privacy. I think that they're trying to figure out. And of course there's also what customers really want and what developers need to be able to deliver those little features that make the difference. AI though is moving to the edges. So it's not going to be centralized going forward. So you're going to see AI happen at the device level. And that's why in the long run Apple has a great distribution model to deliver AI capabilities through the apps in the app store. You may have noticed in the recent report Apple delivered 400 billion in terms of like developer ecosystem revenues. And so there's still a lot of interest because this is the best and biggest developer ecosystem there is out there. Right. I wonder whether or not you think the company has an ace in the hole when it comes to hardware. Obviously might not be the most important discussion today but it will be eventually. And I wonder if you think Vision Pro for example was a learning moment for the company. Oh I think there are a lot of different things on the hardware front. I think right now if you look and we hope to see that there's a unification of the user experience across all the different hardware platforms. That seems to be what's happening. It's going to look more like the Vision Pro kind of capabilities. It's going to look more like you know the ability to actually create those nudges the pop outs that people are looking for. So that's what we're looking for. We're talking to some early developers and that's kind of the indication we see that might be coming. Where do you where do you think Apple is when it comes to you know the competition and who are the primary competitors and some of the features you're talking about. So this is a great conversation as to what is the future of users experience in a world of A.I. Is it voice as it touches it gestures. Where is computing going in general how people are going to access those interfaces. And I think that's the competition. Could it be open A.I. with Johnny. I'm sitting over there. Maybe Samsung. Could it be a Chinese manufacturer that's coming out of the woodworks. We are at the crust of this A.I. revolution and new winners and losers about to be created. It's a question of how Apple will just every legacy company that's operating in an A.I. environment and an A.I. first environment is going to look different. Their competitors are going to come from smaller companies. We actually envision for example in the services business that you can get to a billion dollars with a thousand people. We actually envision the next software company can only you might only need 100 people to get to the first hundred million. That's the extent that's going to happen going forward.

U.S. President Donald Trump’s top-down diplomacy has experts in Ukraine skeptical about whether there has been enough preparation for proposed talks to actually end the war between Russia and Ukraine.

Moscow

Ukraine Invasion

Russia signals more talks needed before Zelenskyy-Putin meeting

The Texas House on Wednesday night passed a controversial, Republican-backed proposal to redraw the state's congressional maps. The bill now moves onto the Texas Senate. CBS News reporter Erica Brown has more.

Texas

Texas House approves GOP congressional redistricting map

Israel's military has called up tens of thousands of reservists in preparation for an expected assault on Gaza City, as the Israeli government considered a new proposal for a ceasefire after nearly two years of war.

Jerusalem

Middle East Conflict

Israel calls up 60,000 reservists ahead of Gaza City operation

The Trump administration says it is adding 407 items to the list of "derivative" steel and aluminum products subject to higher tariffs. The list includes products like car parts, household appliances, baby strollers, fire extinguishers and spray deodorants.

Washington

Global Tariffs

Trump expanding steel and aluminum tariffs

NATO military chiefs met virtually Wednesday for what was described as a candid discussion about security guarantees the alliance would be willing to provide to Ukraine in an effort to end Russia's war in the region.

Brussels

NATO chiefs meet virtually about potential Ukraine security guarantees

Israel's military leaders approved the next phase of their ongoing offensive in the territory. The operation will shift focus to Gaza City, targeting areas where Hamas is believed to still be active and where Israeli forces have not yet operated.

Israel approves next phase of Gaza offensive, focus on Gaza City

Despite not making landfall, Hurricane Erin is forcing mandatory evacuation orders in parts of North Carolina and is expected to cause rip currents for days along the U.S. East Coast.

North Carolina

Hurricane Erin forces evacuations on U.S. East Coast

The White House says it is working to secure a meeting between the presidents of Russia and Ukraine, which both have agreed to, while plans continue to create security guarantees for Ukraine.

Trump says no U.S. ground troops will be sent to Ukraine

Hamas has agreed to a ceasefire proposal for Gaza, but mediators are still waiting for an official response from Israel. CBS News contributor Robert Berger has the latest from Jerusalem.

Mediators await Israeli response to Gaza ceasefire proposal

Indian Prime Minister Narendra Modi met China’s top diplomat on Tuesday and hailed the “steady progress” made in improving the bilateral relationship after a yearslong standoff between the nuclear-armed Asian powers.

New Delhi

India's Modi meets China's foreign minister to rebuild ties

Texas Democrats who ended a walkout found themselves shadowed by law enforcement officers to keep them from repeating the protest that stalled Republican efforts to redraw congressional districts and fulfill President Donald Trump's desire to reshape U.S. House maps.

Austin

Police escort Texas Democrats to prevent new redistricting walkout

Air Canada has reached a tentative agreement with the Canada Industrial Relations Board (CIRB), ending the strike that began over the weekend involving 10,000 members and disrupted travel for more than 100,000 travelers per day.

Toronto

Air Canada reaches tentative agreement with flight attendant union

Exiled former Hong Kong lawmaker Ted Hui hailed Australia's grant of asylum status as a key acknowledgement of the territory's human rights infringements since its authorities quelled massive pro-democracy protests in 2019.

Hong Kong Island

Ex-Hong Kong lawmaker granted asylum by Australia

Forecasters are giving urgent warnings to millions of people who live along the East Coast as Hurricane Erin churns in the Atlantic. The storm will not make direct landfall but is expected to bring dangerous rip currents.

East Coast of the United States

Hurricane Erin to bring dangerous rip currents to U.S. East Coast

Jasveen Sangha, a Los Angeles woman known as the "Ketamine Queen," has agreed to plead guilty to federal charges in connection with the death of actor Matthew Perry. Sangha could face up to 45 years in prison.

Los Angeles

"Ketamine Queen" to plead guilty in Matthew Perry's death

European leaders who converged on the White House for talks on the Russia-Ukraine war demonstrated a united front regarding Ukraine's security on Monday, underscoring the issue as pivotal for the entire continent, not just Ukraine.

EU leaders show cautious optimism following Zelenskyy, Trump talks

As Hamas reportedly agreed to some ceasefire terms that would include the return of more hostages, Israeli Prime Minister Benjamin Netanyahu ordered troops to take more of Gaza.

Israel digs in on Gaza takeover as Hamas softens on ceasefire

President Donald Trump said that the United States would help Europe in providing security for Ukraine as part of any deal to end Russia's war in Ukraine.

Trump tells Zelenskyy U.S. would help with security in a peace deal

Bolivia's presidential vote headed to an unprecedented runoff after elections Sunday that ended more than two decades of left-wing dominance in the Andean nation but signaled voters' trepidation about a major lurch to the right.

La Paz

Bolivia heads to runoff after historic defeat for the left

All Air Canada planes were grounded on Monday (August 18) after its 10,000 flight attendants refused a return-to-work mandate from the Canadian government.

Air Canada delays plans to resume operations

Ukrainian President Volodymyr Zelenskyy arrived at the White House Monday (August 18) for his meeting with President Donald Trump and other European leaders about Russia's war in Ukraine. CBS News White House reporter Taurean Small has more.

Trump meeting with Zelenskiy, European leaders at White House

Hamas on Monday informed mediators that it had accepted a ceasefire deal proposal submitted to it the day before, according to international and Israeli outlets.

Reports: Hamas accepts latest Gaza ceasefire proposal

Hurricane Erin will bring dangerously rough surf to parts of the U.S. East Coast. Over the weekend, Erin's outer bands lashed Puerto Rico with up to 7 inches of rain and flooding parts of the island.

Erin expected to bring dangerous conditions to U.S. East Coast

Ahead of his Monday meeting with President Trump, Ukrainian President Volodymry Zelenksyy says his country will not give up any territory to Russia, even as the White House insists potential land swaps will be necessary. Willie James Inman reports.

Kyiv

Ahead of Trump meeting, Zelenskyy says won't give territory to Russia

Thousands of Israeli protesters demanded a deal to secure the release of hostages still held by Hamas in one of the biggest demonstrations since the war in Gaza began. Debora Patta reports.

Thousands of Israelis protest in Gaza, call for end to fighting

Ukrainian President Volodymyr Zelenskyy flies to Washington on Monday under heavy U.S. pressure to agree to a swift end to Russia's war in his country, but determined to defend Kyiv's interests — without sparking a second Oval Office dust-up with Donald Trump.

Zelenskyy, European allies to meet with Trump to discuss peace

European leaders voiced strong support for Ukraine ahead of a Washington summit with U.S President Donald Trump. They emphasized unity, territorial integrity and security guarantees as essential to any peace deal.

Paris

European leaders stress unity with Ukraine ahead of peace talks

International condemnation and pressure from allies have done nothing to stop Israel's plan to displace the people of northern Gaza. Israel on Saturday (August 16) said it is preparing to move Palestinians from combat zones to southern Gaza.

Israeli military prepares to move Palestinians to southern Gaza

Thousands of people took to the streets on Sunday in a nationwide strike amid fears further fighting could endanger the 50 hostages believed to still be in Gaza.

Tel Aviv-Yafo

Dozens of Israelis arrested in protest to demand end to Gaza war

Russia continues to target Ukrainian cities firing hundreds of missiles and projectiles daily despite ongoing peace efforts, led by the United States. Ukrainian officials say their unwillingness to dial back their offensive reflects their lack of sincere interest in peace.

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