CNBC’s Steve Kovach and Wedbush’s Dan Ives, join 'Closing Bell' to discuss Apple's WWDC.

At its recent Worldwide Developers Conference (WWDC), Apple introduced a series of minor artificial intelligence features, such as live translation and an intelligent workout coach. Analysts and reporters described the event as subdued, with limited excitement among attendees and a lack of significant new AI capabilities compared to competitors like Meta, Google, and OpenAI.

Wedbush analyst Dan Ives graded the event a 'B', noting that Apple played it safe and did not unveil any major advancements. While some updates were provided for developers, the keynote did not present a compelling case for Apple's AI tools over others. The company hinted at more updates to come, particularly regarding Siri, but offered few details during the event.

Dan Ives: Apple played WWDC very safe

I've got Steve Kovac, our reporter, who's been on site all day. Wedbush analyst Dan Ives is here with me as well as we take into account everything that happened today and we discuss what it means for the stock, which has dramatically underperformed some of its Mag 7 mates year-to-date, I think you could say, if you take a look at some of the performance there. Apple shares have been down about 18 or 19 percent year-to-date, while many of the other stocks have done quite well. As this event, Steve, was unfolding, you talked about very minor AI features. That's how you described it. So what do you think the great takeaway is from this event here today? Yeah. Going in, I mean, the bar was on the floor, right, Scott? They just had to not trip over it. No one really expected a ton of things. The vibe was quite muted. Kif Lesswing, our colleague from CNBC.com, he was actually in the keynote and with the crowd. And you said he's never been to an Apple event this muted. So you hear a lot more cheers and things like that going on. Didn't get a lot of that this time. I think there were some cheers for the karaoke app, I guess. But when it comes to artificial intelligence and when it comes to the AI stuff that our audience really wants to know what Apple's next step in that is, they got some minor things. Live translation. Pretty cool. Nothing we haven't seen from Meta or Google or OpenAI. There's this workout buddy that can kind of intelligently coach you as you're doing your workouts. Okay. The question is, do you think any of that stuff is going to sell more iPhones? Are people who are using 14 or earlier iPhone that need to upgrade to get these Apple intelligence features that are announced today? Not a lot compelling there. They did mention Siri at the very top and how they missed on that and how they need a little bit more time to get that going. That's the one everyone's waiting for. And they did tease there'll be more to share perhaps later this year on that. But until we get more details on that, I mean, this was really muted. And if you're hoping for some surprise AI announcement, you did not get that. And now we just kind of spin it forward and wait till September for the new iPhones. Maybe they can show us something cool and innovative there on the hardware side that'll get people excited. But right now, you're not seeing a ton of excitement with this. You, Dan Ives, are I think by far the most bullish analyst on Wall Street as it relates to Apple. You graded this today a B. Why so? I mean, look, last year, I mean, they were in a left lane of Ferraris going 95 miles an hour with the updates, AI, everything they're doing on Apple intelligence. This time it was 45 miles an hour in that right lane. I mean, I'd say it's B because they plated very safe to the vest. If you really look at how they navigated, not really announcing any sort of major announcements, some in terms of from an AI perspective. Scott, my view is I think, look, they got six to nine months to figure this out. They could be forced into M&A for coming in historically has not done acquisitions. But I do believe investors, they get it that they got to be safe here. But they need as a big tech player. This is their time. I think what's clear, too, though, is that Apple doesn't necessarily care what the analyst community thinks about it. Doesn't care what the investor community necessarily thinks about it. It's on its own timeline. And it's going to stick to its own timeframe over anybody else's. And that was underscored, if nothing else, today. The one thing I'd just say is that they might not care investors what they care. They care what developers think about. And I think the reality is that developers, whether it's open AI, whether it's Microsoft, whether it's Google, you're competing. It's a game of thrones battle for developers. So I think that is something where clocks tick in terms of from a developer perspective, because they control the consumer ecosystem. No one doubts that. But you've got to give developers the actual framework when it comes to AI. I think that's the biggest thing they have. Exactly. And to piggyback on that, there was not a lot of developer-y stuff in here to get them excited. There were some things, yes. But this idea that they can tap into the Apple LLM instead of using a different LLM, the details were a little scarce. Now, this event goes on all week, Scott, so there will be classes and sessions. The developers can get their hands on it. But I did not see anything in that keynote where they really made the case saying, use our AI tools over the other guys. They did not make a compelling argument why theirs is better, why theirs is the better version that they should be developing on. Maybe they share that later this week with the developers in those class sessions, but they didn't show it today. Whereas last year was New Year's Eve, Times Square, fireworks everywhere. This time, it was kind of a quiet class.

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