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Apple announced its artificial intelligence service 'Apple Intelligence' at the WWDC24 event.
Following the announcement, there was a sudden decrease in the price of Render (RNDR), one of the artificial intelligence-themed altcoins. 
Apple Intelligence will enable iPhone, iPad and Mac to understand and create language as well as images.
Render Token (RNDR) made a splash after Apple briefly mentioned Octane, a 3D design software powered by Render Network, during its keynote presentation showcasing the M4 chip in its newest iPad.
Apple Insider reported in early 2024 that investment bank Morgan Stanley believed the tech giant would benefit the most as AI becomes mainstream.
The bank's analysts highlighted Apple's Edge AI work, namely improved AI-powered Siri 2.0 and a broader AI-enabled operating system.
*This is not investment advice.