During a recent earnings call, Apple CEO Tim Cook indicated that the technology giant is receptive to the possibility of mergers and acquisitions, especially as it significantly boosts its investments in artificial intelligence (AI). This disclosure came as Apple announced its third-quarter earnings, which showed the company generated $94 billion from April to June, a 10 percent increase compared to the previous year, according to CNBC.
Cook’s comments highlight Apple’s perception as lagging in the competitive AI sector, especially when compared to other firms. Notably, Meta has recruited several top AI engineers from Apple, prompting the tech company to explore partnerships and acquisitions with AI startups to enhance its capabilities.
Earlier in June, a Bloomberg report suggested that Apple is considering collaborating with major AI providers like OpenAI and Anthropic to advance its voice assistant Siri. In that same month, discussions were reportedly held about acquiring the AI search firm Perplexity. The company’s AI division saw a leadership shift with Mike Rockwell, the former lead of the Vision Pro team, taking the helm of AI and Siri.
In his remarks, Cook noted that Apple is working to integrate AI into its various products and systems, stating, “We’re embedding it across our devices, across our platforms, and across the company.” While Apple has ambitious plans for a new AI-powered version of Siri, the timeline for its launch remains unclear, following a delay attributed to concerns over reliability. Craig Federighi, Apple’s Senior Vice President of Software, mentioned that the technology was not yet dependable enough for widespread release.
Cook expressed optimism during the earnings call, stating, “We’re making good progress on a more personalized Siri,” and added that the company is reallocating resources to focus on AI innovations.
Despite the hurdles in its AI initiatives, Apple’s core business continues to perform well. The iPhone segment reported a year-over-year growth of 13 percent, generating $44.6 billion. Apple’s Mac revenue also increased, reaching $8.1 billion, likely due to the launch of the new MacBook Air in March. The company’s services segment, including subscriptions for Apple TV Plus, iCloud, and Apple Music, experienced a 13 percent year-over-year revenue growth, setting an all-time high at $27.4 billion.
Looking ahead, Apple may face emerging challenges. In May, the company indicated that President Donald Trump’s tariffs could cost approximately $900 million in the June quarter, with potential for increased costs given Trump’s threats of tariffs of “at least” 25 percent if Apple fails to relocate some production to the US. The company has made moves to diversify its production, recently shifting some operations to India to lessen its reliance on China.
Apple is anticipated to unveil its iPhone 17 lineup in September, coinciding with the release of iOS 26, which includes a new “Liquid Glass” design that has spurred mixed reactions among users.
