Apple CEO Tim Cook willing to buy a big company but there is a twist which is...
'Apple must do this. Apple will do this. This is sort of ours to grab. We will invest to do it,' said Cook as he acknowledged Apple's historical pattern of entering markets later than competitors but ultimately reshaping them with superior products. 'We've rarely been first. There was a PC before the Mac; there was a smartphone before the iPhone; there were many tablets before the iPad; there was an MP3 player before the iPod. This is how I feel about AI,' he said. What did he say about Apple Intelligence?
It is noteworthy that Apple has not kept pace with rivals such as OpenAI, Alphabet, and Microsoft in publicly launching AI capabilities, but Cook displayed an intrepid confidence in the company's approach. Apple Intelligence, introduced last year, faced delays that impacted the iPhone 16 rollout, yet Cook downplayed the timeline issues, reaffirming Apple's commitment to delivering best-in-class solutions. 'To not do so would be to be left behind, and we can't do that.' How much quarterly revenue did Apple report?
This meeting was reported by Bloomberg, citing sources. It came just days after Apple reported $94.04 billion in quarterly revenue, up 10% year-on-year (YoY), much above the $89.35 billion estimate of Wall Street. iPhone revenue came in much stronger than expected at $44.58 billion (up 13% YoY), setting a June-quarter record and surpassing Wall Street's $40.29 billion estimate.
'AI is one of the most profound technologies of our lifetime. And I think it will affect all devices in a significant way,' Tim Cook told analysts during the earnings call.
Apple is establishing a dedicated AI server facility in Houston, indicating the gravity of the situation and how keen the company is to move up the AI market.
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