Apple Boosts AI Spending Amid Record Q3 Revenue

Apple reported record Q3 revenue, attributed to strong iPhone 16 and services growth, while CEO Tim Cook highlighted an increased investment in artificial intelligence and a reallocation of staff to AI projects. Cook confirmed Apple is open to mergers and acquisitions, having acquired about seven companies this year, though none were large-scale. The company is evaluating potential acquisitions of AI startups such as Perplexity and Mistral to accelerate its AI development and better compete with rivals like Google, Microsoft, and Meta. Apple's annual capital expenditure stands at about $14 billion, significantly less than Google's projected $85 billion. Although Apple stresses privacy, seamless integration, and user-friendly AI, the rollout of key features, including an AI-enhanced Siri, is now delayed until 2026. The increased AI push comes amid mounting investor pressure for Apple to demonstrate its competitiveness in AI.