New Delhi, June 15 -- On 9 June, at Apple Inc.'s Worldwide Developers Conference (WWDC), chief executive Tim Cook and his top brass unveiled a slew of updates, including a new 'liquid glass' design and enhancements to Apple Intelligence. But analysts, developers and investors were left underwhelmed. The announcements felt incremental, many of the features already exist in rival products.

Some had hoped Apple would use the event to mount a dramatic AI comeback. That didn't happen. Its shares slipped about 1.5% on the Nasdaq post-keynote.

Apple's troubles didn't begin with WWDC. The event merely spotlighted its deeper struggle to keep pace with competitors. Its share price has dropped nearly 20% so far this year, the steepest decline amon...