May 5, 2024, 8:35AM GMT+0200
Apple reported its quarterly financial results on Thursday, and CEO Tim Cook emphasized that he will have concrete details about AI integration plans that he will reveal very soon.
“We continue to feel very optimistic about our opportunity in generative AI and are making significant investments,” Cook told Reuters in an interview, noting that Apple has spent $100 billion over the past five years on research and development.
Apple’s Big Tech competitors spent comparable or even higher amounts on R&D over the same period, but they also spent heavily to build data centers to host AI services.
Microsoft spent $14 billion on investments in the most recent quarter, and Google, part of the Alphabet group, is close behind, with $12 billion.
Meta Platforms told investors last week to expect capital expenditures of up to $40 billion this year.
On the other hand, Apple’s capital expenditures for the entire year 2023 have slightly exceeded 10 billion dollars.
Apple, which makes the most money selling consumer devices, has paid a price for that policy for most of this year, with its shares falling 10% as investors feared the company was falling behind in the AI race.
On Friday, Apple shares rose by 6.4%, recovering some of the recent losses, the cited source also shows.
Tags: Apple reveal investment plans
