Apple to reportedly spend $1.0 billion a year on Gen AI

October 23, 2023 07:11 AM PDT | By Invezz

Apple to reportedly spend $1.0 billion a year on Gen AI — Image source: Invezz

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.

$AAPL after being rejected @ the 100D 170 next big support level, 200D about there toohttps://t.co/hSnjPWLvgB
— Options Mike (@OptionsMike) October 22, 2023

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=oembed

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