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.

Search and rescue operations continued overnight after flash floods slammed central Texas, killing dozens, officials said. More than 20 children are still missing from Camp Mystic, an all-girls camp hit by the floods, the Kerr County sheriff said.

Kerrville

Rescues continue in central Texas after deadly flash floods

Officials in the U.S. state of Texas say at least 13 people have died in overnight flash floods after torrential rains triggered an overflow of the Guadalupe River. Nearly 20 children attending a summer camp in the south-central area are missing.

Kerr County

Deadly Texas floods: Search efforts underway for missing children

Türkiye has been battling wildfires for more than a week, with its western province of Izmir among the hardest hit. Thousands have been forced to flee as flames threaten homes and villages.

Ödemiş

Turkiye wildfires: At least two dead as fires burn for eighth day

It was not clear if Hamas’ statement meant it had accepted the proposal from US President Donald Trump for a 60-day ceasefire.

Jerusalem

Hamas says it is  'positive' about latest ceasefire proposal

President Trump brought pomp and circumstance to his signing of the "big, beautiful bill" on Friday, with an Independence Day ceremony at the White House that included a B-2 bomber flyover.

Washington

Global Tariffs

Trump signs "big, beautiful bill" as tariff deadline looms

Heavy rainfall in central Texas caused the Guadalupe River to overflow and unleash a torrent of water. The bodies of at least 13 children and adults have been recovered and more than 20 girls are missing from a sleepaway camp.

Floods kill at least 13 in Texas, over 20 missing from summer camp

The talk comes a day after President Donald Trump and Russian President Vladimir Putin discussed Ukraine, Iran and other issues in a call the Kremlin described as "frank and constructive."

Kyiv

Ukraine Invasion

Zelenskyy, Trump agree on joint defense efforts in phone call

Russia pummeled Kyiv with the largest drone attack of the war, injuring at least 23 people and damaging buildings across the capital only hours after U.S. President Donald Trump spoke with Russia's Vladimir Putin, officials said.

Russia hits Kyiv with largest drone attack after Trump-Putin call

U.S. President Donald Trump marked the passage of the new spending bill, which includes changes to food assistance, student loan programs, and clean energy credits. Robert Costa joins "CBS Mornings" to break down what's in the legislation.

Trump set to sign "big, beautiful bill"

More than 80 Palestinians were killed in Gaza on Thursday (July 3), according to health officials, as Israel intensified its strikes, hitting a school-turned-displacement facility. CNN’s Paula Hancocks looks at the damage and humanitarian toll.

More than 80 people killed in Gaza in one day

Ukrainian President Volodymyr Zelenskyy said Kyiv will do "anything" to advance EU accession talks. Zelenskyy spoke alongside Danish Prime Minister Mette Frederiksen, President of the European Council António Costa and President of the European Commission Ursula von der Leyen.

Ukraine will do 'anything' to advance EU accession talks: Zelenskyy

President Donald Trump said Washington will start sending letters to countries on Friday specifying what tariff rates they will face on imports to the United States, a clear shift from earlier pledges to strike scores of individual deals.

Trump: Letters telling countries their tariff rate going out Friday

Indonesian rescuers on Thursday (July 3) temporarily halted a search for 30 people still missing after a ferry carrying 65 people sank near the island of Bali with the loss of six lives, the national search and rescue agency said.

Gilimanuk

Indonesia suspends search for 30 missing after ferry sinks near Bali

After marathon debate sessions in the Senate and House, President Donald Trump’s budget bill passed in the House. Republicans secured the biggest win of Trump’s presidency.

Trump’s landmark ‘big, beautiful bill’ narrowly passes U.S. House

Florida says the first group of migrant detainees have arrived at the new immigration detention center known as "Alligator Alcatraz." CBS News correspondent Shanelle Kaul has more.

Ochopee

First group of detainees arrive at "Alligator Alcatraz," Florida says

U.S. President Donald Trump said Thursday (July 3) that he spoke with Russian President Vladimir Putin and that he plans to hold a call with Ukrainian President Volodymyr Zelenskyy. CBS News White House reporter Willie James Inman has more.

Trump speaks with Putin, plans call with Zelenskyy

CNN’s Priscilla Alvarez reports on a lawsuit from lawyers for Kilmar Abrego Garcia alleging he suffered “torture and mistreatment” after he was wrongfully deported and held in El Salvador’s notorious mega prison.

Tecoluca

Kilmar Abrego Garcia claims he was tortured in El Salvadoran prison

The Kremlin welcomed the development, with spokesman Dmitry Peskov claiming it proves Western arsenals are being depleted and predicting that less aid will hasten the end of the conflict.

U.S. pauses military aid to Ukraine over depleted weapons stockpile

Two contractors employed by UG Solutions spoke to the AP on condition of anonymity as they were revealing their employers’ internal operations.

U.S. contractors say live ammo used at Gaza aid distribution site

Democratic leader Hakeem Jeffries spoke for hours on the House floor about potential impacts of President Trump's "big, beautiful bill" that Republicans are looking to pass before July 4. Following debate, the House is set for a final vote on the massive budget bill.

House debates Trump's 'big, beautiful bill' ahead of final vote

CBS News political contributor Caroline Polisi joins "CBS Mornings" to break down the jury's verdict in Sean "Diddy" Combs' federal trial and the judge's decision to deny bail for the music mogul ahead of his sentencing.

Manhattan

Sean "Diddy" Combs denied bail after split verdict

Liverpool soccer player Diogo Jota has died aged 28, just weeks after marrying his childhood sweetheart. The footballer passed away in a car crash in northern Spain.

Madrid

Liverpool soccer player dies in car crash 10 days after wedding

The Pentagon said that U.S. strikes 10 days ago had degraded Iran's nuclear program by up to two years, suggesting the U.S. military operation likely achieved its goals despite a far more cautious initial assessment that leaked to the public.

Tehran

Iran Strikes

Iran nuclear program degraded by up to two years: Pentagon

Days before his 90th birthday, the Dalai Lama announced the Gaden Phodrang Trust, a non-profit he founded, will have the sole authority to recognize his future reincarnation, but China insists it will choose the successor of the Tibetan spiritual leader.

Lhasa

China rejects Dalai Lama’s succession plan

The U.S. Congress inched towards approving President Donald Trump’s Big Beautiful Bill, despite attempts by Democrats to stop it. The bill is Trump’s signature legislation which includes massive spending increases on the military and immigration enforcement while slashing social programs.

Trump’s Big Beautiful Bill nears approval

Sean (Diddy) Combs was found guilty on prostitution-related charges, but was acquitted on more serious charges of racketeering and sex trafficking giving him a maximum sentence of 20 years. But the courtroom victory was subdued following a judge’s ruling to deny him bail.

New York

Diddy denied bail, avoids life in prison

President Trump says Israel has agreed to a 60-day ceasefire in Gaza, but it remains unclear if Hamas will accept the terms. CBS News senior foreign correspondent Debora Patta has more.

Trump says Israel has agreed to Gaza ceasefire conditions

Bryan Kohberger changed his plea to guilty Wednesday for the 2022 murders of four University of Idaho students. CBS News national correspondent Carter Evans has more on the case.

Boise

New details revealed as Kohberger pleads guilty for 2022 Idaho murders

The Wisconsin Supreme Court struck down a state abortion law that was adopted in 1849 in a 4-3 landmark decision. CBS News' Shanelle Kaul reports.

Madison

Wisconsin Supreme Court strikes down 176-year-old state abortion ban

Macron and Putin held regular discussions around the start of Russia's invasion of Ukraine, with Macron visiting Putin in Russia in February 2022, but dialogue eventually stalled.