Dan Ives slams the Apple technical showcase as “ an episode of ‘back to the future’ ‘and sets the fire of Tim Cook on “ Elephant in the Room’ ‘

While the other technological titans run to put the AI at the front and at the center, the presentation of Apple WWDC was remarkable for its quasi-century on the subject. “Barely no mention of AI,” said Ives in his last report, calling him “the elephant in the room”. He noted that it was a striking contrast with the pitch of the fever observed during the events of rival developer. Analysts, investors and developers have passed in the expectations of a great revelation which would clarify Apple’s ambitions for the “AI revolution”. Instead, they watched society rely on traditional forces – permanent updates and a solid history of services – leaving the future of the Siri and Apple roadmap in more vague.

This omission has become an increasing concern for analysts like Ives, who believe that Apple is at the crossroads. “It becomes clear that any innovation around Apple does not come from the interior of Apple Park’s walls,” he wrote, referring to the famous Cupertino headquarters of the company. While Apple has historically proud of the construction of an internal transformative technology, Ives maintains that these days can be completed.

Is it time for an acquisition?

“The time has come” for a great acquisition, he wrote, distinguishing perplexity as an objective of acquisition “without evidence”-even if it costs more than $ 40 billion. According to Ives, such a decision could instantly overeat the Apple late AI platform and help reposition Siri as the “next gateway for consumers”.

To date, Apple’s largest acquisition remains Beats, an agreement of $ 3 billion in 2014 – an order of size smaller than the types of agreements transforming the AI sector today. Apple’s traditionally prudent approach to mergers and acquisitions, suggests Ives, can retain it at a time when speed is everything. “AI technology on the company’s landscape and consumers occurs at a rate as fast as Apple will not be able to catch up with an internal solution,” he warned. The challenges, consider IVES, are high: a successful AI monetization strategy could add up to $ 75 per share to Apple’s assessment. “We think that (CEO Tim) Cook must scam the dressing and finally make a mergers and acquisitions,” he wrote.

The WWDC AI moody story occurs during a broader transition period for Apple. While the demand for iphones – a Belwether for the company – remains globally, with a particular improvement in China after a year of difficult competition, the company is faced with winds. Trade tensions, the risk of the supply chain and the increase in the pressure of low -cost competitors in Asia highlighted the main Apple markets.

For the moment, analysts maintain faith with Apple’s short -term performance. Wedbush maintains its “outperformance” note, with a 12 -month price target of $ 270 per share, citing the expected growth driven by the next iPhone 17 and the continuous strength of services. The action was negotiated at $ 211.27 when writing the editorial’s moment. But Ives is firm: the next chapter – centered on the AI – will define the future of Apple.

Cook’s extraordinary file and growing criticism

To be clear, Cook had a legendary race after succeeding Steve Jobs in 2011. During the 14 years that followed, Cook led Apple through a period of value creation of extraordinary shareholders – transforming a company of $ 300 billion into a titan of 3.2 dollars. Under its management, Apple has refined its operational efficiency, invigorated its service division and has made massive profits thanks to established successes such as the iPhone, AirPods and Apple Watch. But as FortuneGeoff Colvin reported: “Suddenly, his weaknesses are exposed to the AI era.”

A choir of analysts has joined Ives by arguing that Cook’s operational excellence and the control of the supply chain will not be enough to gain the future, because the AI era increases the priorities of the technological industry. The first half of 2025, moreover, was bruised. The actions of the company are down by around 16%, while competitors like Microsoft and Alphabet have climbed on aggressive bets in a generative AI. Apple’s “Apple Intelligence” initiative, which was supposed to position Siri and other features at the forefront of consumers’ AI, has failed to grasp the enthusiasm of investors or developers. Meanwhile, AI key executives left: the best Director of Apple AI, Ruoming Pang, recently defeated Meta, a few weeks after another great scientist from App, Tom Gunter, resigned. Simultaneously, the chief of operation Jeff Williams – a long -term cook’s successor – is ready to retire, forcing a wider redesign.

These departures have intensified the debate on Apple’s innovation pipeline. Critics argue that under Cook, Apple has not delivered any new product truly transformer since the era of jobs, with the most recent tubes – such as AirPods or Apple Watch – refined rather than redefining product categories. The risk, prevents analysts, is existential: if intelligent devices move in new paradigms centered on AI and that Apple does not respond with force, the company platform risks obsolescence.

The Lightshed Partners research firm rocked investors and the technological press in July by calling for a regime change. Walter Piecyk and Joe Galon analysts insisted that Apple needs a CEO focused on the product, not a focus on logistics. They warned the convincing lack of innovation of Apple in AI and Siri’s relatively stagnant progression could irreversibly erode its competitive advantage as Google, Microsoft and Openai Press.

Cook defenders argue that Apple has a unique position: its platform locking gives it time to execute a measured AI response. And historically, the company has rarely been the first – its success stems from improving existing technologies, and not inventing them. However, with the fundamental impact of AI compared to the Internet or Electricity, allowing competition to give the pace could be dangerous.

Ives still supports Cook, with reservations. “Patience is thin among investors and especially developers,” he warned. The coming months, especially when the Apple products cycle heats up in September and beyond, can be essential – not only for the business balance sheet. Ives said Wedbush thinks Cook will be CEO of Apple for another five years, at least, but there are mounting challenges, “price on iPhone Quagmire”, with Apple manufacturing operations in China directly exposed to commercial uncertainty, the discontent of President Donald Trump as an alternative solution of the supply chain, to “miss the fundamental strategy AI ”. He concluded: “This chapter will define Cook’s inheritance.”

“It’s time for Cook and Cupertino to face the new reality of this IA-AI technological landscape,” wrote Ives. “Because if they do not change, it will be a historical strategic eye for Apple in our opinion.”

For this story, Fortune Used a generative AI to help an initial project. An editor checked the accuracy of the information before the publication.