Apple Faces Calls to Reboot AI Strategy With Shares Slumping

Apple Inc. is facing pressure to shake up its corporate playbook to invigorate its struggling artificial intelligence efforts.

Alarmed by a share slump that’s erased more than $640 billion in market value this year and frustrated with delays in rolling out AI features, investors are calling for Apple to break with long-standing traditions to make a big acquisition and more aggressively pursue talent.

“Historically Apple does not do big mergers and acquisitions,” said Citigroup Inc. analyst Atif Malik, noting that the last major deal was its takeover of Beats in 2014. But, he argues, “investors would turn more positive ...