Market Outlook: Apple AI strategy falls short with investors after conference

Bloomberg06-09 23:11

Apple’s Worldwide Developers Conference failed to provide the breakthrough artificial intelligence strategy many investors were hoping for, raising concerns about how the company plans to monetize AI ...

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SpaceX’s upcoming IPO is attracting significant investor interest despite a valuation that Murray considers exceptionally aggressive relative to revenue. OpenAI and Anthropic are expected to draw strong demand if they go public, reflecting continued investor enthusiasm for AI-related companies. Uber could benefit from the expansion of autonomous vehicle technology through partnerships across the robotaxi ecosystem while continuing to grow its core ride-hailing and delivery businesses. Mastercard is positioned to benefit from increasingly complex digital commerce and payment systems, with trust, governance and transaction infrastructure becoming more important over time.Jamie Murray, president of the Murray Wealth Group Jamie Murray, president of the Murray Wealth Group Read the full transcript below:ROGER: Apple hosted its Worldwide Developers Conference yesterday. Our next guest says the company failed to impress investors, and he’s not surprised by the selloff in the stock. Let’s get more now from Jamie Murray, president of Murray Wealth Group. Jamie, thanks, as always, for joining us.JAMIE: Thanks for having me.ROGER: Okay, what left you unimpressed?JAMIE: Well, I think we’re just four years into this AI supercycle, and Apple still really doesn’t have that coherent AI strategy. Whether investors like what Meta or Google or Amazon is doing, they’re at least chasing that big trend, and they’re starting to generate tons of revenue, and they have tons of optionality.Apple, now four years into this, released a new, improved Siri based on Google’s Gemini models, but they’re really not monetizing AI in any way. There are still questions about how they’re going to monetize it.Trading at 31 times earnings, for a very strong consumer brand — and I’m not knocking Apple or the valuation at all — I think investors in this day and age are looking for where the torque to the upside is, and they didn’t deliver that yesterday.ROGER: What would you like? What was missing from this?JAMIE: Well, I think a lot of the other big tech peers now, when you include the OpenAIs and Anthropics in there, have consumption models where the more you use AI, the more tokens you generate, the more tokens you spend, the more revenue they’re going to make.That’s where you get that leverage, and that’s how we’ve seen Anthropic’s revenue grow from $5 billion to almost $50 billion in a year, and we’re going to see similar growth rates.We have the cloud businesses at the hyperscalers — the Microsofts and Amazons — growing 30, 40, 50 per cent on very large numbers, and we still don’t really have that with Apple.Now, they’re not having to spend the capital expenditures that those companies are, which is the knock against those companies today. But when you look two, three, four, five years out, there are some questions. Is Apple still just going to be a phone company, and is that still going to be the predominant way information is shared and consumed?ROGER: All right, speaking of AI and SpaceX — I mean, it’s talking about space, the name is SpaceX, but really there’s a lot of AI involved in it. What do you think of the IPO? Would you be interested in it? Will you be a buyer?JAMIE: So, I’m interested in it as a historic event that has never really happened before, but it’s not in our investment wheelhouse.It’s coming public at 94 times revenue. Now, it’s a very unique revenue base. Almost no other company in the world can do what SpaceX does, so it’s extremely unique.I don’t think the markets have ever seen anything like this company before, but the valuation is still very high for a capital-intensive business.We have a report coming out later this week on why we’re not buying the SpaceX IPO.I do think there might be a pop on the initial opening on Friday, given the low float and the hot IPO. But I don’t know how it’s going to perform after that initial pop.If you’re not getting an allocation from the underwriters and flipping that in the first hour or two, I’m not sure how it’s going to perform.ROGER: Do you think a lot of people are looking at it the same way as you, or is there going to be enough interest that it’s going to go for what everybody’s expecting?JAMIE: I think you’re definitely going to see interest. I’ve already heard it’s oversubscribed.Like I said, it’s a small tranche of the company that’s being sold off — I think about three to four per cent. Most of the holders are still going to be holding on and are subject to lockup agreements.But we’re in a market where growth at all costs has been rewarded. Betting on growth and upside has paid off.If you look at what happened with Nvidia, and what happened with Google and Meta 15 or 20 years ago, I think that’s what you’re playing for with SpaceX — the unknown “what if.”But it’s coming out at a very high bar in terms of valuation. It’s going to be an amazing company to follow and watch, but we’ll have to see how the returns are over the first few years before getting too interested in it.ROGER: And what about OpenAI? They’re now starting the process for their IPO. Your thoughts on that?JAMIE: Yeah, so OpenAI and Anthropic have both filed their S-1s, which is the document you have to file with the SEC to go public.We don’t have the details yet on timing or financials.Like SpaceX, we assume these companies are probably going to come out at trillion-dollar valuations. They’re going to raise a small float, so just three to five per cent of the company will come public.That would be a $35-billion to $50-billion offering, and that money is going to go right back into data centres, into Nvidia’s and Broadcom’s pockets.So, good for those companies, definitely.Again, these are two companies that are going to attract tons of interest. Like SpaceX, they’ve generated impressive revenue growth. They’re actually growing even faster than SpaceX, I believe.We’re excited to see what happens. We like the AI trade. We’re invested through the semiconductors with Nvidia and Broadcom, through the hyperscalers — Microsoft, Google and Amazon.I think in 2027 we’re going to start seeing the downstream effects of AI show up in some more traditional economy companies.ROGER: All right, let’s talk about some of your picks now. Uber — what are you liking there?JAMIE: Uber is one of the best examples of physical AI that you can buy right now.Physical AI is not just the thinking machines in data centres generating output. It’s AI applications in the real physical world.You can see on the stock chart that it hasn’t really participated in this Nasdaq rally at all.The underlying business is very strong. The core Uber Eats business and the ride-hailing business are growing 15 to 20 per cent a year and increasing free cash flow.Everyone is worried about autonomous vehicles. The concern is that Waymo and Tesla will dominate the future of robotaxis.But we’ve been doing some work on Uber, and we’ve discovered that it has partnerships with the companies ranked No. 3 through No. 15 in the autonomous vehicle space.Within five years, we think Uber is going to surpass Waymo in terms of the number of robotaxis on its platform and probably grow faster from there, given its reach across the ecosystem.Uber is a supply-constrained company, meaning the more vehicles or delivery mechanisms it can have in its network, the more revenue it generates.We think this is going to be a huge unlock over the next five years, and it’s a very cheap company trading at 19 times earnings.ROGER: All right, Mastercard is another one you’re liking right now.JAMIE: Again, it’s a similar theme to Uber. These are companies we think are going to benefit from AI but aren’t trading like it.You’re buying Mastercard at a decade-low multiple.We’re coming out of the cash-to-card movement, where people moved from cash to card payments and Mastercard and Visa benefited from that shift.Now we’re moving into a very complex payments ecosystem that’s going to be agentic, e-commerce-driven and increasingly digital.Mastercard’s network sits as a layer of not just authorization and trust, but governance and consumer acceptance.You need that intermediary layer between the buyer and seller, and we think Mastercard and Visa are the natural companies to continue dominating that space.We think Mastercard can continue to grow revenue at roughly 10 to 15 per cent annually for the next decade.When you put that into a discounted cash flow model, you get a value that’s roughly 70 to 80 per cent higher than the current share price.ROGER: Okay, we’ve got to wrap it up there. Jamie, thank you, as always, for joining us.JAMIE: Thanks for having me on.ROGER: Jamie Murray is president of Murray Wealth Group.---This BNN Bloomberg summary and transcript of the June 9, 2026 interview with Jamie Murray are published with the assistance of AI. Original research, interview questions and added context was created by BNN Bloomberg journalists. 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