The all-stock deal with OpenAI values Ive’s AI hardware startup io at $6.5 billion—and is set to be a major windfall for the man who designed the iPhone.

Apple (NASDAQ: AAPL) stock has been a blockbuster winner for long-term investors. However, the company is now hitting a rough patch. The stock is barely up over the past year, with revenue only slightly up from 2022.

Apple stock price has sold off this year, making it the top laggard in the Magnificent 7 group. What next for the AAPL shares this year?

Apple Inc. (NASDAQ:AAPL) shares declined after reports surfaced that OpenAI is acquiring Jony Ive’s hardware startup, io Products, in a $6.5 billion deal. The acquisition has fueled investor concerns about rising competition in the consumer device market.

Founded in 1993, The Motley Fool is a financial services company dedicated to making the world smarter, happier, and richer. The Motley Fool reaches millions of people every month through our premium investing solutions, free guidance and market analysis on Fool.com, top-rated podcasts, and non-profit The Motley Fool Foundation.

Apple has pulled out all the stops to tout shiny new AI tools. Now, the company is facing questions about what it’s promised versus what it’s delivered.

This initiative aims to stimulate demand in a crucial market where the company has faced increasing competition and declining sales. Apple has increased the trade-in value for old iPhones.

Apple has become a frequent target for Trump, a factor that has held the stock back as other big tech companies have rebounded over the past month.

Apple has made other attempts to find a breakthrough AI product. That’s included the idea of equipping its smartwatches and AirPods earbuds with cameras, allowing them to absorb more info about

Investing.com -- Apple (NASDAQ: AAPL) stock pared its losses to -0.4% following an earlier -1% dip after Bloomberg reported that the company plans to open its artificial intelligence models to third-party developers. The tech giant’s move is aimed at fostering the creation of innovative applications and enhancing the appeal of its devices.

We recently published a list of 10 AI Stocks on Wall Street’s Radar. In this article, we are going to take a look at where Apple Inc. (NASDAQ:AAPL) stands against other AI stocks on Wall Street’s radar.