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Apple’s big developer summit is a Silicon Valley institution. The company has been hosting it every year since 1983, and in more recent years the events have become a fixture of the tech hype machine — a chance for Apple to show off its latest software to investors and the folks who build apps for those products.

Two of the top AI companies today are also two of the stocks in the Berkshire Hathaway portfolio. Many investors know that Buffett loves an undervalued stock. But when explaining how he chooses stocks,

Apple is seen as behind the pack in AI, and the company had a chance to change that perception with its WWDC keynote on Monday. But shares fell, suggesting investors weren't too impressed with what the company previewed.

Apple shares turned lower as the iPhone maker kicked off its Worldwide Developers Conference Monday. Read more on the event and what's at stake for Apple:

Warren Buffett has nearly 23% of Berkshire Hathaway 's portfolio invested in two artificial intelligence (AI) stocks: 21.8% is allocated to Apple ( AAPL -1.09%), a stock that soared 600% in the last decade, and 0.8% is allocated to Amazon ( AMZN 1.75%), a stock that soared 900% in the last decade.

Apple's stock has been one of the weakest Big Tech stocks this year, partly reflecting worries about the company's artificial-intelligence positioning. Shares are down 18% so far this year. Within the "Magnificent Seven" grouping of large technology stocks,

Apple announced new artificial intelligence features at the Worldwide Developers Conference keynote June 9. The company launched testing versions of live translation, visual search and a workout assistant. Apple Intelligence will also be a part of the Reminder, Messages and Apple Wallet apps.

Apple points to AI tools, visual redesign, and strong App Store performance to justify analyst's $235 price target outlook.

Apple's highly anticipated annual showcase on Monday appeared to underwhelm investors and analysts, as the tech giant failed to deliver the groundbreaking artificial intelligence advancements many had hoped for.

The rollout of Apple’s new AI features was delayed last fall and on arrival it omitted the new Siri, for which Apple users are still waiting.