AAPL Stock Slips — OpenAI Says It Sees No ‘Evidence’ That Apple Lawsuit Has Merit

• Apple accused OpenAI of targeting current and former employees to obtain confidential documents, designs and hardware details.
• OpenAI said it is focused on developing its own technology and allowing employees to choose where they work.
• Sam Altman said he respects Apple and called the company an “S-tier company” despite the legal dispute.

OpenAI on Tuesday said it takes allegations made by Apple Inc. (AAPL) in the latter company’s lawsuit “seriously” but is not aware of any evidence that the complaint “has merit.”

The ChatGPT-maker reportedly added that it believes in competition and “people working where they want.”

The AAPL stock closed Tuesday’s regular session 0.77% lower before extending losses after hours. At the time of writing, AAPL stock was trading 0.05% lower in extended trading.

OpenAI Says It Supports Fair Competition

“While we take these allegations seriously, we’re not aware of any evidence that this complaint has merit,” OpenAI said in a statement, reported Bloomberg. “We believe in fair competition and allowing people the freedom to work wherever they choose, and we’re focused on building innovative technology that empowers people everywhere.”

The latest remarks come days after Apple sued OpenAI in a federal court in California, alleging that the artificial intelligence company carried out a broad effort to obtain trade secrets and hardware designs. The lawsuit claimed that OpenAI encouraged current and former Apple employees to share confidential documents, blueprints and physical components, with Apple alleging that the effort was directed by OpenAI’s leadership to accelerate the development of competing AI devices.

Altman Says OpenAI Respects Apple Despite Legal Dispute

The new statement expands on OpenAI’s initial response on Friday, when the company said it had no interest in other companies’ trade secrets and remained focused on developing its own technology.

A day after the lawsuit was filed, OpenAI CEO Sam Altman said he was not “afraid of Apple,” adding in a post on X on Saturday that he has “tremendous respect for them” and called the company an “S-tier company,” a term often used to describe something exceptional or best-in-class.

OpenAI, AAPL Retail View

Retail sentiment on Stocktwits for OPEAZZX was ‘extremely bullish,’ at the time of writing on Tuesday.

For AAPL, retail sentiment on Stocktwits remained ‘neutral,’ unchanged over the past 24 hours, while message volume was ‘normal’ at the time of writing. Over the past 30 days, conversations around the stock have surged 835%, while the number of watchers has increased 0.1%.

The AAPL stock has gained nearly 15% year-to-date.

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