Apple CEO Tim Cook said that he and his company remains optimistic about Artificial Intelligence (AI) investments during an investors’ call after the latest quarterly earnings. Apple’s quarterly results and forecast beat modest expectations as the iPhone maker unveiled a record share buyback program. Apple increased its cash dividend by 4% and authorized an additional program to buy back $110 billion of stock as the company’s quarterly revenue fell. However, Tim Cook said revenue growth would return in the current quarter.
Tim Cook on Apple’s investments in AI
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Tim Cook said Apple is making “significant investments” in AI, adding, “We continue to feel very bullish about our opportunity in generative AI.”
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He also said Apple sees “generative AI as a very key opportunity across our products” as the company is set to host its annual developer conference — WWDC — on June 10 which is likely to focus on AI-powered innovations.
Read more: Apple CEO Tim Cook on India: ‘Incredibly exciting market, our major focus…’
He told investors, “We believe in the transformative power and promise of AI. 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’s silicon, with our industry-leading neural engines and our unwavering focus on privacy, which underpins everything we create.”
What Apple chief financial officer said on AI
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Luca Maestri, chief financial officer, said that Apple has been investing heavily in innovation across the board. He said, “We are obviously very excited about the opportunity with Gen AI. We obviously are pushing very hard on innovation on every front and we’ve been doing that for many, many years.”
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