Billionaire investor Peter Thiel has criticized Apple for a lack of innovation since the death of co-founder Steve Jobs in 2011. In an interview with Walter Isaacson on The Builders podcast, Thiel claimed that Apple has done "nothing new" since Jobs' passing, despite its status as the world's second-largest company by market cap. He described the company as a "pure, well-run value stock" but argued that its success has relied on scaling and branding rather than groundbreaking inventions.
Thiel praised more eccentric CEOs like Jobs and Elon Musk, suggesting they are "way better for society" than Tim Cook, Apple's former CEO and now executive chairman. Cook, known for his steady leadership, oversaw the launch of major products like Apple Pay, the Apple Watch, AirPods, and Apple TV+ during his tenure. However, Thiel dismissed these as incremental improvements rather than revolutionary innovations.
Despite his criticism, Thiel acknowledged the value of Apple stock, which has risen from $271 at the start of the year to around $347, a 28% increase. This isn't the first time Thiel has been critical of Apple; in 2017, he declared that the "age of Apple was over." Since then, the company's stock price has surged by approximately 1,066%.
One area where Apple has faced challenges under Cook's leadership is artificial intelligence. The company struggled with delays in delivering its promised Apple Intelligence features and faced a lawsuit over the situation. Additionally, there were multiple delays to the AI-upgraded Siri, with former Siri chief Mike Rockwell citing issues with an earlier version built on outdated architecture.