Apple Inc. AAPL CEO Tim Cook teased “exciting things” in the AI space during the company’s second-quarter 2024 earnings call. However, he refrained from divulging any specifics about the upcoming AI products.
What Happened: During the earnings call, Cook repeatedly dodged questions related to AI, refraining from providing any concrete details, which is not unusual for Apple. However, he highlighted Apple’s ongoing substantial investments in AI technologies.
“We continue to feel very bullish about our opportunity in Generative AI. We are making significant investments, and we’re looking forward to sharing some very exciting things with our customers soon,” Cook said.
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Adding, “We believe in the transformative power and promise of AI, and we believe we have advantages that will differentiate us in this new era, including Apple’s unique combination of seamless hardware, software, and services integration, groundbreaking Apple Silicon with our industry-leading neural engines, and our unwavering focus on privacy, which underpins everything we create.”
He also spoke about the AI capabilities of the Apple Watch, which leverages machine learning algorithms to enhance health monitoring and user interaction features. “Across our watch lineup, we’re harnessing AI and machine learning to power lifesaving features like a regular rhythm notification and fall detection.”
Apple’s Q2 2024 results exceeded muted expectations. For the March quarter, the tech giant recorded $90.8 billion in revenue, marking a 4% decrease from the previous year, according to earnings data from Benzinga Pro.
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Why It Matters: Apple’s AI strategy has been a topic of interest, with the company reportedly in talks with Microsoft-backed OpenAI and Alphabet Inc.’s Google to incorporate their AI technology into the upcoming iPhone features.
Prior to the earnings report, analysts expected Cook to provide further insights into Apple’s overarching AI strategy, as the technology holds the potential to significantly alter the trajectory of Apple’s narrative in the years ahead.
In June, Apple is set to host its annual WWDC developer conference, anticipated to mark the beginning of the company’s endeavors in generative AI. Analysts are optimistic that generative AI could spark another supercycle in iPhone sales.
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