What markets demand needn't be what society wants

Apple's privacy insistence harming its share price is an example of their divergent interests

- RAJRISHI SINGHAL

Apple's highly anticipated developer conference this year has not only disappointed reviewers and equity markets, but also raised many disturbing questions. One, it has raised anxieties over the future viability of the iPhone manufacturer. More importantly, it highlights the divergence between what is good for society versus what is good for the stock market, belying the benign and popular perception of the role that equity markets play in society.

Apple's developer conferences, called WWDC25 this year, are usually a marquee event in the tech world, providing independent developers and tech analysts an inkling of the company's progress with hardware and software. At WWDC25 on 9 June, Apple executives were able to share only a limited future path for the company, especially on its progress with artificial intelligence (AI). Apple's senior executives told the gathering that the promise made last year about upgrading Apple Intelligence, with voice assistant Siri as its centrepiece, would take some more time to accomplish. This left many analysts and developers cold. Even the stock market expressed its displeasure: Apple's common stock has tanked almost 25% from its 52-week high.