Apple CEO Tim Cook has disclosed the company’s plans to invest in Artificial intelligence (AI) as well as other technologies, as he hints at a possible announcement later this year.
Cook made this announcement during a call with analysts after the company reported fiscal first-quarter earnings.
He said,
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“As we look ahead, we will continue to invest in these and other technologies that will shape the future. That includes Artificial Intelligence where we continue to spend a tremendous amount of time and effort, we are excited to share the details of our ongoing work in that space later this year”.
In Apple’s first quarter fiscal earnings, the company surpassed estimates for revenues and earnings but recorded a 13% decline in sales in China, one of its most important markets.
Notably, Apple reported 2% sales growth in the December quarter, breaking a streak of four straight quarters with annual revenue declines. The company shares fell more than 4% in extended trading after management provided some details about the outlook for the current quarter that suggested weakness in iPhone sales.
It is interesting to note that the company has faced increased competition from local firms such as Huawei, in Greater China including the mainland in addition to Hong Kong and Taiwan.
Tim Cook’s announcement of the company’s plan to integrate AI into its products is coming as big tech companies such as Google, Amazon, and Samsung amongst others, have started reporting huge revenue due to their investment in AI.
White-collar workers might have thought they were safe when robots learned how to make french fries. In fact, they are most vulnerable to the new generation of artificial intelligence, according to a new report by the Burning Glass Institute. Industries with a high percentage of their payrolls in lucrative jobs that require a college degree — namely tech and banking — will bear the brunt of the generative AI revolution, the labor market research nonprofit says. The report identifies restaurants, retail and transportation as the sectors most insulated from the impact of this new generation of AI. (LinkedIn News)
Recall that last year October, Apple disclosed that it is on track to spend $1 billion per year on developing its generative Artificial Intelligence products.
Apple, a powerhouse in consumer technology, has long been associated with cutting-edge hardware and user-friendly software. However, the company’s foray into the AI landscape has been quite slow. The spending comes as the company plays catch-up to some competitors who have already debuted new AI products and features.
Moving forward, the company is reportedly looking to integrate Al into Siri, Messages and Apple Music. For the latter, Apple also plans to use Al to create auto-generated playlists as Spotify does via its partnership with OpenAI. The company is also exploring using Al in Xcode to assist app developers.
As Apple looks to navigate the intricate terrain of Al innovation, its financial dynamics have continued to draw attention. Analysts and investors await further details on Apple’s Al pursuits, keenly observing how this technological venture will influence its future trajectory in an ever-evolving tech landscape.
LinkedIn Summary
Apple’s Vision Pro mixed-reality headset — considered its biggest product launch in years — makes its in-store debut on Friday, with some 600 apps and games available. It comes just after Apple reported its first sales growth in a year on Thursday, breaking its streak of declines by reporting a 2.1% revenue gain in the October-to-December period. That was largely fueled by stronger-than-expected iPhone sales across much of the world. Its biggest drag — beyond patent battles, higher regulatory scrutiny and App Store challenges — was China. Still, despite increased competition from Huawei and other smartphone makers, the iPhone has captured the market’s top spot.
- Sales in China plunged 13% to $20.8 billion, well below the $23.5 billion analysts were expecting, as spending slowed and the Chinese government’s banon overseas tech intensified.
- CEO Tim Cook said the company will showcase its AI efforts “later this year.”
- The European Union accounts for 7% of global app store revenue, the company said Thursday.