<p><strong>苹果</strong>(AAPL 0.53%) 今年让投资者失望。它将一些人工智能（AI）功能推迟到明年，这导致了对该业务的许多悲观情绪，因为已经有竞争对手的手机具备先进的 AI 功能。</p>
<p>截至 2025 年 6 月 13 日，苹果的股价已下跌超过 21%，其估值跌破了 3 万亿美元的门槛。</p>
<p>如今，人工智能是一个热门话题，消费者希望在手机上获得最新的技术，以帮助处理许多日常任务。然而，苹果最近发布了一份关于人工智能的报告，这可能揭示了它为何没有像其他科技公司那样在下一代技术上进行大量投资。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjE2ODEvYS1wZXJzb24taW52b2x2ZWQtaW4tYS1jaGF0LXdpdGgtYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="400" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjE2ODEvYS1wZXJzb24taW52b2x2ZWQtaW4tYS1jaGF0LXdpdGgtYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>苹果可能对人工智能的潜力不太信服</h2>
<p>苹果的研究人员一直在测试多种 AI 推理模型，尽管他们发现这些模型的表现优于标准模型，但在任务变得更加复杂时，它们的表现却不尽如人意。</p>
<p>因此，研究人员认为 AI 的推理能力是有限的，他们似乎对其能力的信心不如公众。他们发现这些模型无法在复杂任务中遵循步骤，并且似乎过于依赖数据的熟悉性，而不是应用高级推理技能。</p>
<p>AI 聊天机器人变得更加复杂，因为它们是在现有数据上进行训练的，但它们是否能够真正像人类一样推理并不是确定的。如果苹果对人工智能的潜力不太信服，这可能是它没有像同行那样在这些技术上进行大量投资的部分原因。</p>
<h2>即使苹果是对的，投资者也有理由担忧</h2>
<p>无论人工智能是否能够像人类一样推理，都不能掩盖苹果在创新方面远远落后于其他公司的事实。尽管苹果对其图标的外观和感觉进行了 Liquid Glass 设计的改动，但公司的最新 iPhone 并没有给消费者提供足够的理由来升级他们的设备。在截至 3 月 29 日的六个月期间，苹果的产品销售总额为 1667 亿美元，仅比去年同期增长 2%。而在此期间，iPhone 的收入几乎没有变化。</p>
<p>缺乏增长和创新是苹果目前面临的一个大问题。无论它是否完全相信人工智能，该公司都需要在推进其手机方面做得更多，以免落后于竞争对手。跨应用意识、从照片中提取信息以填写表单以及与第三方应用集成等功能是明年可能会出现在 iPhone 上的一些 AI 功能。但这些是否足以跟上竞争对手仍然值得怀疑。</p>
<p>尽管公司建立了强大的产品和服务生态系统，但危险在于客户最终可能会看到跳槽到更具创新性的设备的理由。</p>
<h2>苹果股票在疲软时是否值得购买？</h2>
<p>苹果的股票今年表现不佳，但仍然不是一个便宜的买入，交易价格为其过去收益的 31 倍。在这种倍数下，投资者可能会期待业务有更大的增长。考虑到公司缺乏创新和增长，我认为苹果股票应当给予折扣。</p>
<p>尽管业务仍然强劲，产生了可观的自由现金流和利润，但其未来增长存在疑问，这也是投资者抛弃苹果而转向其他成长股的重要原因。它仍然可以成为一个不错的长期投资，但在高估值的情况下，我会寻找其他投资机会。</p>

苹果

2 倍做多 AAPL ETF - GraniteShares

苹果每日 1 倍做空 ETF - Direxion

苹果每日 2 倍做多 ETF - Direxion

AAPX

AAPY

APLY

<p>苹果因推迟 iPhone 的人工智能功能而让投资者失望，导致 2025 年股价下跌 21%。尽管正在测试人工智能模型，但苹果的研究人员对人工智能的推理能力表示怀疑，这可能解释了公司在先进技术上的投资不足。由于产品销售和创新停滞不前，苹果面临失去客户给竞争对手的风险。尽管股票并不便宜，但仍可能是长期投资的选择，但由于苹果未来增长的不确定性，投资者被建议考虑其他成长型股票</p>

<p><strong>Apple</strong>(AAPL 0.53%) has disappointed investors this year. It has delayed some artificial intelligence (AI) features for its iPhones until next year, and that has resulted in a lot of bearishness around the business as there are rival phones with advanced AI capabilities already available.</p>
<div class="lb-trans"><p><strong>苹果</strong>(AAPL 0.53%) 今年让投资者失望。它将一些人工智能（AI）功能推迟到明年，这导致了对该业务的许多悲观情绪，因为已经有竞争对手的手机具备先进的 AI 功能。</p>
</div><p>Shares of Apple are down more than 21% thus far in 2025 (as of June 13), with its valuation dipping below the $3 trillion mark.</p>
<div class="lb-trans"><p>截至 2025 年 6 月 13 日，苹果的股价已下跌超过 21%，其估值跌破了 3 万亿美元的门槛。</p>
</div><p>AI is a hot topic these days, with consumers seeking the latest tech on their phones to help with many day-to-day tasks. However, Apple recently published a report about AI that could shed some light as to why it may not be leading the charge and investing as heavily in next-gen technologies as other tech companies.</p>
<div class="lb-trans"><p>如今，人工智能是一个热门话题，消费者希望在手机上获得最新的技术，以帮助处理许多日常任务。然而，苹果最近发布了一份关于人工智能的报告，这可能揭示了它为何没有像其他科技公司那样在下一代技术上进行大量投资。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjE2ODEvYS1wZXJzb24taW52b2x2ZWQtaW4tYS1jaGF0LXdpdGgtYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F821681%2Fa-person-involved-in-a-chat-with-artificial-intelligence.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Apple may not be convinced of AI's potential</h2>
<div class="lb-trans"><h2>苹果可能对人工智能的潜力不太信服</h2>
</div><p>Researchers at Apple have been testing multiple AI reasoning models, and while they have seen that they can perform better than standard models, they fail as tasks become more complex.</p>
<div class="lb-trans"><p>苹果的研究人员一直在测试多种 AI 推理模型，尽管他们发现这些模型的表现优于标准模型，但在任务变得更加复杂时，它们的表现却不尽如人意。</p>
</div><p>As a result, the researchers believe that there are limits to the reasoning that AI can achieve, and they don't appear to be as convinced of its abilities as the general public. They found that the models couldn't follow steps in complex tasks and appeared to rely heavily on the familiarity of data, as opposed to applying advanced reasoning skills.</p>
<div class="lb-trans"><p>因此，研究人员认为 AI 的推理能力是有限的，他们似乎对其能力的信心不如公众。他们发现这些模型无法在复杂任务中遵循步骤，并且似乎过于依赖数据的熟悉性，而不是应用高级推理技能。</p>
</div><p>AI chatbots have become more sophisticated because they have been trained on existing data, but the ability for them to truly reason like humans is by no means a certainty. If Apple isn't convinced of the potential that AI possesses, that may be part of the reason it hasn't been investing as heavily in these types of technologies as its peers.</p>
<div class="lb-trans"><p>AI 聊天机器人变得更加复杂，因为它们是在现有数据上进行训练的，但它们是否能够真正像人类一样推理并不是确定的。如果苹果对人工智能的潜力不太信服，这可能是它没有像同行那样在这些技术上进行大量投资的部分原因。</p>
</div><h2>Even if Apple is right, investors have a right to be worried</h2>
<div class="lb-trans"><h2>即使苹果是对的，投资者也有理由担忧</h2>
</div><p>Whether or not AI can reason like a human doesn't excuse the fact that Apple has fallen well behind other companies in terms of innovation. While Apple has made changes to the look and feel of its icons with its Liquid Glass design, the company's newest iPhones haven't given consumers a compelling reason to upgrade their devices. Apple's product sales over the six-month period ending March 29 have totaled $166.7 billion -- up just 2% from the same period last year. And iPhone revenue during that stretch was nearly unchanged.</p>
<div class="lb-trans"><p>无论人工智能是否能够像人类一样推理，都不能掩盖苹果在创新方面远远落后于其他公司的事实。尽管苹果对其图标的外观和感觉进行了 Liquid Glass 设计的改动，但公司的最新 iPhone 并没有给消费者提供足够的理由来升级他们的设备。在截至 3 月 29 日的六个月期间，苹果的产品销售总额为 1667 亿美元，仅比去年同期增长 2%。而在此期间，iPhone 的收入几乎没有变化。</p>
</div><p>Lack of growth and innovation is a big problem for Apple these days. Regardless of whether it's completely sold on AI or not, the company needs to be doing more in advancing its phones so they don't fall behind the competition. Things like cross-app awareness, extracting information from photos to fill in forms, and integrating with third-party apps are some of the AI features that could be coming to iPhones next year. But whether that will be sufficient to keep up with rivals is questionable.</p>
<div class="lb-trans"><p>缺乏增长和创新是苹果目前面临的一个大问题。无论它是否完全相信人工智能，该公司都需要在推进其手机方面做得更多，以免落后于竞争对手。跨应用意识、从照片中提取信息以填写表单以及与第三方应用集成等功能是明年可能会出现在 iPhone 上的一些 AI 功能。但这些是否足以跟上竞争对手仍然值得怀疑。</p>
</div><p>While the company has built up a strong ecosystem of products and services, the danger is that customers may eventually see a reason to jump ship toward more innovative devices.</p>
<div class="lb-trans"><p>尽管公司建立了强大的产品和服务生态系统，但危险在于客户最终可能会看到跳槽到更具创新性的设备的理由。</p>
</div><h2>Is Apple stock a buy on weakness?</h2>
<div class="lb-trans"><h2>苹果股票在疲软时是否值得购买？</h2>
</div><p>Apple's stock has struggled this year, but it's still not a terribly cheap buy, trading at 31 times its trailing earnings. At that kind of multiple, investors might expect to see much more growth from the business. I believe that a discount is warranted for Apple stock, given the company's lack of innovation and growth.</p>
<div class="lb-trans"><p>苹果的股票今年表现不佳，但仍然不是一个便宜的买入，交易价格为其过去收益的 31 倍。在这种倍数下，投资者可能会期待业务有更大的增长。考虑到公司缺乏创新和增长，我认为苹果股票应当给予折扣。</p>
</div><p>While the business is still robust and generating fantastic free cash flow and profits, its future growth is questionable, and that's a big reason investors are ditching Apple for other growth stocks instead. It can still make for a good long-term buy, but at an elevated valuation, I would look for other investments to buy.</p>
<div class="lb-trans"><p>尽管业务仍然强劲，产生了可观的自由现金流和利润，但其未来增长存在疑问，这也是投资者抛弃苹果而转向其他成长股的重要原因。它仍然可以成为一个不错的长期投资，但在高估值的情况下，我会寻找其他投资机会。</p>
</div>

Is This the Real Reason Apple Is So Far Behind Its Rivals on Artificial Intelligence?

- 苹果公司因推迟 AI 功能而导致股价下跌超过 21%。  
- 研究表明，苹果对 AI 的潜力持怀疑态度，未能跟上竞争对手。  
- 尽管公司仍有强大生态系统，但缺乏创新可能导致客户流失。  

这是否是苹果在人工智能领域远远落后于竞争对手的真正原因？