2023-10-23 10:11:08 ET
Apple Inc (NASDAQ: AAPL) is in focus this morning following a report that it has decided to spend $1.0 billion a year to expand its footprint in generative artificial intelligence.
There have been rumours of Apple GPT
While the tech titan does already tap on artificial intelligence for enhancing photos, for instance – it doesn’t so far have a Gen AI product in particular like its peers Microsoft and Google.
But a Bloomberg report on Monday did talk of Ajax – its most advanced large language model to date. Plus, there have been rumours of Apple GPT as well which is essentially a chatbot like ChatGPT.
The multinational is scheduled to reported its financial results for the fourth quarter on November 2 nd . Consensus is for it to earn $1.39 a share versus $1.29 per share a year ago.
Apple stock is down 14% versus it year-to-date high at writing.
Apple wants to integrate AI with Siri
AI initiatives that Apple Inc intends to spend big on moving forward will be led by John Giannandrea – its senior vice president of machine learning and artificial intelligence strategy, as per Bloomberg.
Reportedly, the Nasdaq-listed firm wants to integrate AI into Apple Music, Messages, and Siri. It also wants to explore the application of artificial intelligence in Xcode to potentially help app developers.
A spokesperson for the Cupertino-headquartered company has not yet commented on the Bloomberg report on Monday.
Last week, Jefferies analyst Edison Lee told clients in a research note that Huawei has dethroned the iPhone in China as Invezz reported here .
Watch here: https://www.youtube.com/embed/2gJ8RiYVnO8?feature=oembedThe post Apple to reportedly spend $1.0 billion a year on Gen AI appeared first on Invezz.