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Key Facts on Apple’s Upcoming AI Announcement
Apple is set to unveil a revamped Siri, utilizing a custom version of Google’s Gemini model, during its Worldwide Developers Conference on June 8, 2023. This change comes as the company trades near all-time highs, having seen a 50% increase in stock value over the past year. A strong performance from Siri is crucial as it could directly influence Apple’s $4.5 trillion market valuation, which is currently priced at a P/E ratio of 37.
During its fiscal second quarter, ending March 28, 2023, Apple reported a revenue increase of 17% year-over-year, totaling $111.2 billion, with iPhone sales rising 22% to approximately $57 billion. Apple’s services business also experienced robust growth of 16%, contributing a record $31 billion in revenue. The company’s partnership with Google reportedly costs Apple around $1 billion annually for access to the Gemini AI technology.
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