From Nasdaq:

Apple reported forecast-beating first-quarter results with strong Services business momentum and year-over-year growth for all product categories. CEO Tim Cook mentioned artificial intelligence as an important technology for Apple’s future, sparking excitement among investors. CFO Luca Maestri emphasized that the company will continue to invest in all areas of the business at an appropriate level. Despite this, Apple’s stock fell by 3.06% in after-hours trading.

Ever since OpenAI’s ChatGPT sparked an AI revolution, companies like Microsoft, Alphabet, Nvidia, and Meta Platforms have embraced AI. Microsoft has deepened its relationship with OpenAI through a $10 billion investment, while Nvidia’s AI accelerator chipsets have been driving strong revenue growth. Despite the strong presence of AI in the market, Apple hasn’t fully committed to its AI plans yet. In mid-July, Bloomberg reported that Apple has built its framework for large language models and created a chatbot service referred to as “Apple GPT.”

The widespread adoption of AI in businesses and consumers’ lives has heightened interest and investment in the technology. Apple’s delayed entry into the AI market has affected its stock performance, as reflected in a 3.06% decline in after-hours trading. Despite this setback, Apple’s strong first-quarter results and continued investments in innovative technologies, including AI, suggest a potential turning point for the tech giant.



Read more: Tim Cook Mentions AI For First Time In Prepared Remarks On Earnings Call, Munster Says ‘Welcome Apple To Generative AI Steamroller’