Apple said it will “significantly” increase AI investment in the coming quarters, CEO Tim Cook told analysts on Thursday. The CEO confirmed the company is reallocating staff and expanding its capital outlays to support AI-related development. The company reported 10% revenue growth in the third quarter but continues to face pressure from Wall Street to accelerate its AI roadmap. Cook said Apple remains open to acquiring companies of any size that help advance its AI capabilities and disclosed that Apple has acquired about seven firms this year. Apple said part of its capital expenditures will fund servers built with its own chips, branded as Private Cloud Compute, instead of using chips from vendors like Nvidia. Cook emphasized Apple’s focus on private, seamlessly integrated AI features and downplayed risks to the iPhone from future AI-powered devices.
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