Apple's (AAPL) Vision Pro augmented reality headset isn't selling as well as expected, prompting the consumer electronics company to scale back production.

Current production has reportedly been scaled back since the summer, but could be halted entirely by the end of the year. While the Vision Pro was heavily hyped in its early days, interest quickly declined and far fewer devices are now being sold.

With numerous competitors in the field and a high price, the market for high-end peripherals simply does not meet our expectations. A report from The information says a supplier stopped producing Vision Pro components back in May. This news comes at a time when rumors have been circulating that Apple is looking for a new Vision Pro with a lower price.

Slow rollout of Apple Intelligence

And what about Apple Intelligence? New reports from Craig Federighi, Apple's senior vice president of software engineering, offer some insight into the company's application of artificial intelligence (AI).

In The Wall Street JournalFederighi called Apple Intelligence “a major step forward” and noted that while it lags behind, it is actually done intentionally. Apple Intelligence will prioritize “security and responsibility,” Federighi said.

Apple's advances in AI are incremental and modest at a time when new developments seem to emerge at the speed of light. This fact can make Apple look old-fashioned, an odd place for a company known for its innovation.

Is Apple stock a buy?

As for Wall Street, analysts have a Moderate Buy consensus rating on AAPL stock based on 23 Buys, 10 Holds, and one Sell over the last three months, as shown in the chart below. After a 32.92% increase in the share price over the past year, AAPL's average price target of $248.34 per share implies an upside potential of 7.94%.

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