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Apple’s mammoth stock buybacks boost returns for investors
Apple, the world’s king of stock buybacks, is a value-add for AAPL investors, an analyst says.
The company spent a total of $621 billion buying its own shares between 2013 and 2023. For reference, Google parent Alphabet spent about one third of that figure on its stock over the same period. Over the last fiscal year, Apple doled out $78 billion to buy 456 [million] shares of its stock, reducing its number of outstanding shares by about 2%.
“Given what’s feasible, Apple’s buyback program is actually quite impressive,” wrote James Brumley of the stock investing and stock market research site Motley Fool.
Buyback programs reduce the number of a company’s shares in circulation, which then raises an investor’s stake and their return on future dividends. While investors’ views on share buyback programs are mixed — some companies use them to artificially boost their stock price — stock repurchases executed by companies with competent leadership are usually a good thing. Bankrate’s James Royal writes that “properly executed stock repurchases are one of the best and lowest-risk ways to create value for shareholders.”
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MacDailyNews Note: Apple will report its fiscal second quarter earnings on Thursday after the closing bell. As usual we’ll have the results for you on our home page right around 4:30pm EDT / 1:30pm PDT.
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European Commission says Apple’s iPadOS also subject to Digital Markets Act
Apple’s iPadOS has been designated as a gatekeeper under the bloc’s Digital Markets Act rules by EU antitrust regulators because of its importance to business users, the European Commission said on Monday.
Reuters:
The European executive’s decision followed an investigation launched in September last year. Apple’s operating system iOS, its browser Safari and its App Store were designated gatekeepers last year.
“Our market investigation showed that despite not meeting the thresholds, iPadOS constitutes an important gateway on which many companies rely to reach their customers,” EU antitrust chief Margrethe Vestager said in a statement.
The Commission said Apple’s business user numbers exceeded the quantitative threshold by eleven times, while its end user numbers were close to the threshold and were predicted to rise in the near future. It said both business users and end users are locked into iPadOS because of its large ecosystem.
Apple, which has six months to comply with the DMA, said it would “continue to constructively engage with the European Commission to comply with the DMA across all designated services.”
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MacDailyNews Take: Despite not meeting the EC’s own thresholds, the EC will do whatever the hell it wants to iPadOS anyway. Nobody is “locked into iPadOS.” Apple currently has 47.16% – less than half – of the European tablet market.
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Apple might be able to get away with another weak iPhone quarter
Apple is set to report its fiscal second quarter earnings report this Thursday, after the closing bell, but the company may be able to skate by with another weak iPhone quarter due to its beaten down valuation.
Dan Gallagher for The Wall Street Journal:
It has been a pretty bleak year so far for Apple. The federal government is trying to break up the company’s closed-ecosystem for its App Store and—in a separate case—challenge the lucrative payments Apple gets from Google every year to make the popular search engine the default on mobile devices including the iPhone.
The company is also losing ground in China, a market that historically has accounted for about 19% of Apple’s annual revenue.
Such a bum run of news would normally be a poor setup for Apple’s stock ahead of its fiscal-second-quarter report, due Thursday afternoon. But the shares are already in a funk, down around 12% this year. That is the worst performance by far among megacap techs valued at more than $1 trillion. Microsoft, Amazon, Nvidia, Meta Platforms and Google parent Alphabet have logged a median gain of 23% for the year. More notably, the drop has put Apple’s multiple to around 25 times forward earnings, which is in line with its five-year average and down more than 16% from last summer…
That should help temper any negative reaction to what is expected to be a weak report. Analysts expect iPhone revenue to fall 10% year over year—the worst drop for that key business unit in more than three years. Revenue from all of Apple’s device segments is expected to show a year-over-year decline for the period, which would be the first time that has happened in at least a decade.
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MacDailyNews Take: Apple revealing – and hyping – its new AI features will fuel its stock price soon enough. In fact, if CEO Tim Cook and/or CFO Luca Maestri just mention that the company will discuss more about AI at its “Let Loose” special event on May 7th, they could reveal pretty much anything in regard to disappointing earnings and get away with it.
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Bernstein upgrades Apple stock, reiterates $195 target price
Bernstein analyst Toni Sacconaghi on Monday raised his rating on Apple stock to “Outperform” from “Market Perform” and reiterated his target price of $195.
“The stock has derated significantly amid weak revenue growth, and investors worry that Apple’s China business is structurally impaired. We believe that Apple’s business prospects are largely unchanged…and believe the pullback provides an attractive entry point,” Sacconaghi wrote in a research note.
China has been the main culprit for weaker iPhone sales and the Bernstein analyst argues that is likely to be a cyclical issue rather than a structural problem… “In strong iPhone cycles, Apple’s China revenue typically grows much faster than Apple overall, as Chinese consumers embrace the new phone,” Sacconaghi wrote. “The strong embrace is typically followed by several quarters of weaker (and often negative year-over-year growth), as we are seeing now.”
That could be changed by the introduction of AI to the coming iPhone 16. That could help drive 10% growth in iPhone units shipped in fiscal 2025, and 10% growth in annual revenue for Apple overall, according to the Bernstein analyst.
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MacDailyNews Take: Hopefully, Apple’s marketing department can work its magic on Apple’s AI features this year to make them look as compelling, groundbreaking, and stunning as possible.
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Apple’s new iPad Pro likely to be AI-driven device powered by M4 chip
Bloomberg News‘ Mark Gurman is reporting that there is a strong possibility that the chip in the new iPad Pro will be the M4, not the M3 and it will be Apple’s first major AI-driven device.
Mark Gurman for Bloomberg News:
I believe Apple will position the tablet as its first truly AI-powered device — and that it will tout each new product from then on as an AI device. This, of course, is all in response to the AI craze that has swept the tech industry over the last couple years.
By introducing the new iPad Pro ahead of its Worldwide Developers Conference in June, Apple could lay out its AI chip strategy without distraction. Then, at WWDC, it could focus on how the M4 chip and new iPad Pros will take advantage of the AI software and services coming as part of iPadOS 18 later this year. I fully expect Apple to position the A18 chip in the iPhone 16 line as built around AI as well.
To be fair, though, these new products aren’t engineered and developed entirely around AI. This is partly about marketing…
The company is holding a “Let Loose” event on May 7 to introduce the new iPad Pro, iPad Air, Magic Keyboard and Apple Pencil.
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MacDailyNews Take: Yup.
It will take years and billions of dollars to catch up just to where GenAI leaders (OpenAI, Microsoft, Alphabet, etc.) are today.
So, the only solution is to partner with [OpenAI, Microsoft, Alphabet, etc.] for the real GenAI stuff while pretending (marketing) really hard that some on-device AI Apple has whipped up in a few months is “insanely great Apple innovation” that’s at the heart of Apple’s 2024’s AI announcements when it’s really just an adjunct. Apple will tout their homegrown on-device AI and act like it’s powering everything when, in reality, it’s Google (or whichever is licensed) that’s powering most of it. Watch Apple make a big show of its on-device AI at WWDC and run many ads touting it from June onwards.
Apple hopes to buy time for the data center buildouts and investments that will be required for them to someday own their own AI technology and not have to license it. – MacDailyNews, April 1, 2024
The potential for an iPhone 16 super cycle depends on how well Apple marketing sells its GenAI bandaid (licensing from Google, Baidu, etc.) as it works (for years, likely) to catch up with its own generative AI solution. – MacDailyNews, April 11, 2024
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Apple reportedly renews talks with OpenAI for generative AI features
As Apple scrambles to catch up to rivals in generative AI, the company has renewed talks with OpenAI regarding artificial intelligence capabilities.
Mark Gurman for Bloomberg News:
When Apple announces its new slate of generative AI features in June, the company will be arriving late to a party that’s been raging for nearly two years. Ever since the debut of OpenAI’s ChatGPT in 2022, Apple’s tech peers have been scrambling to add artificial intelligence capabilities.
The company is aiming to integrate AI into many of its applications and features, including ones that automatically write text, summarize articles in Safari and recap missed notifications. The new features will use Apple’s AI model, dubbed Ajax internally, but the company isn’t planning to release its own ChatGPT-style chatbot.
For that, Apple has been talking to potential partners, including Google and OpenAI, as I first reported earlier this year. The discussions had centered on Google’s Gemini, but talks between Apple and OpenAI also have heated up recently.
A big question remains: Will iPhone customers embrace the new features? There’s still some concern at the highest levels of Apple that most users won’t take advantage of the enhancements.
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MacDailyNews Take: That ought to goose AAPL today, at least.
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Apple fortifies supply chain in China while increasing presence in India and Southeast Asia
In a strategic balancing act, Apple is simultaneously increasing ties in China while also expanding in India and Southeast Asia and India.
Anusuya Lahiri for Benzinga :
In 2023, Apple increased its number of China-based suppliers and manufacturing sites, reducing its reliance on suppliers from Taiwan, the U.S., Japan, and South Korea…
Apple publishes an official list of its suppliers nearly every year. The most recent list includes 187 companies, accounting for 98% of the company’s procurement for fiscal 2023.
Since 2020, Chinese suppliers have become the largest group within Apple’s supplier network, growing to 52 in the last year from 48 in 2022. The number of manufacturing or development facilities in China, including those owned by domestic and foreign companies, increased by 10 to 286.
As Apple accelerates its supply chain shift to Southeast Asia amid the ongoing U.S.-China tech conflict, its ties with China continue to deepen.
The number of Apple suppliers in Vietnam surged by 40% to 35 last year, while the number in Thailand increased by about a third to 24. The number of suppliers in India remained stable at 14.
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MacDailyNews Take: This is one long term way out of the China miasma: grow everything to the point where, if one had to go quickly, the others would be in a position to absorb the production requirements.
This way, China doesn’t retaliate (too much), since they’re still seeing growth in investments into the country.
It’s a simple plan that could work long term: Grow China 1% annually while pumping substantial investment into the other countries until production is better diversified, more balanced, and Apple’s risk is mitigated by no longer being so dependent on China and its authoritarian whims. Of course, this would take many years, the luxury of which Apple may not have.
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Apple battles AI deepfake apps in what may be an unwinnable war
After an investigation by 404 Media into AI deepfake apps that advertised that they could generate non-consensual nude images, Apple has begun removing AI image-generation apps from its App Store, but the battle is far from over and may never end.
This reveals disturbing issues concerning apps that help users make non-consensual nude images, “deepfakes.” Thanks to the wonders of AI, causing this sort of harm is easier than ever.
While Apple’s safety rules and regulations are unsurprisingly robust, loopholes remain that aren’t easily closed. As 404 observes, the advertised apps are “art generation” apps. They aren’t described as “porn generation” apps because they would never make it through Apple’s checks.
If a user didn’t know what one of the offending apps could do because of, say, an ad on a major social media platform, they would likely never know it was available on the App Store at all. And if users seeking to generate deepfakes of people against their will and without their knowledge wouldn’t find an app without assistance, what are the chances that Apple will?
There are countless “AI face swap” and “AI art generator” apps in the App Store, and presumably, not all of them are wolves in sheep’s clothing; but some are. The only way to tell which is which, unless the developer outright says so on a different platform, is to use the app.
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MacDailyNews Take: Unless Apple employees tried and vetted every part of every app by hand, this AI deepfake app battle may indeed be an unwinnable war. Perhaps AI itself could test and vet apps more thoroughly in the future?
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Verizon ups price for Apple Watch cellular plans
In an email to customers on Thursday, Verizon announced a $5 per month price increase affecting plans tied to Apple Watch and other connected smartwatches.
With this price change, Verizon’s smartwatch plan will increase from $10 to $15 per month on most plans. Verizon notes that if your Apple Watch plan currently includes a discount, such as the 50% promotion for customers on Unlimited Plus and Ultimate plans, the price increase will reflect that discount.
In the email being sent today, Verizon says that the price increase will let it “continue improving” its service. The changes will go into effect as of June 3:
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MacDailyNews Take: Ugh.
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Apple’s forthcoming on-device model is the future of AI
Apple has revealed some of its plans for the on-device AI that will run on future iPhones, iPads, and other devices and it looks like the future of AI.
Charlie Sorrel for Lifewire:
We’re used to AI that runs on massive server farms, sucking in ten times the electricity of regular cloud servers, and of course, enjoying all the usual privacy risks associated with cloud computing…
“AI models on devices are typically smaller than those in the cloud. Their reduced size requires fewer calculations, faster responses, and less energy consumed in response to user queries. Moreover, queries and their responses do not leave the device, enhancing user privacy. And AI models on devices avoid data movement and communication with cloud and data center servers, which should improve performance and reduce energy use. Taken together, AI on devices could transform user experiences with consumer electronics,” Professor Benjamin Lee, computer scientist at the University of Pennsylvania, told Lifewire via email.
The crucial part here is that training the model takes an insane amount of computing power, but once that model is made, it can be used on regular computers. And if you shrink the model, it might not be as capable, but it can run on smaller computers, and require less power.
This brings us back to Apple’s models, called OpenELM, which are designed to run on iPhones. The entirety of a model can contain trillions of parameters, but Apple provides several smaller options, with 270 million, 45 million, 1.1 billion, and 3 billion parameters. The more parameters, the better the model is at doing the AI thing.
So why is this important? Because it lets Apple run AI on devices that have relatively limited computing power and very limited batteries. By optimizing for specific purposes, models can be much smaller and more efficient. And Apple can design its models to run on the AI hardware it has had in Macs and iPhones for years—the Neural Engine.
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MacDailyNews Take: The New York Times last October reported that A.I. could soon need as much electricity as an entire country, so, barring fusion power plants, Apple’s forthcoming on-device model is clearly the future of AI.
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Apple App Store removes AI image generation apps over nonconsensual nudes concern
Apple has removed a number of AI image generation apps from its App Store after 404 Media found these apps advertised the ability to create nonconsensual deepfake nude images.
Emanuel Maiberg for 404 Media:
Overall, Apple removed three apps from the App Store, but only after we provided the company with links to the specific apps and their related ads, indicating the company was not able to find the apps that violated its policy itself.
Apple’s action comes after we reported on Monday that Instagram advertises nonconsensual AI nude apps. By browsing Meta’s Ad Library, which archives ads on its platform, when they ran, on what platforms, and who paid for them, we were able to find ads for five different apps, each with dozens of ads. Two of the ads were for web-based services, and three were for apps on the Apple App Store. Meta deleted the ads when we flagged them. Apple did not initially respond to a request for comment on that story, but reached out to me after it was published asking for more information. On Tuesday, Apple told us it removed the three apps on its App Store.
Removing the ads for these apps, and the apps themselves, is significant because much of the worst harms we’ve seen as a result of generative AI don’t take place on the dark corners of the internet, but on these giant, mainstream platforms.
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MacDailyNews Note: In March, two Florida middle schoolers were arrested and charged under a 2022 Florida law for allegedly creating AI-generated deepfake nudes of classmates.
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Apple’s AirPods may soon get a new health feature
Apple’s iOS 18 is widely expected to be announced at WWDC on June 10th and Apple’s AirPods could get a significant software update with an important new heath feature.
In this week’s episode of One More Thing [embedded below], I take a look at all the rumors about the upcoming AirPods, including a potential hearing aid mode that may launch with iOS 18. In the future, maybe AirPods could integrate even more sensors such as an EEG for detecting brain activity. Apple filed a patent in 2023 that shows such a sensor embedded in earbuds.
A few years ago, there were rumors of the AirPods Pro getting a heart rate and body temperature sensor. That hasn’t manifested yet, but other earbuds like the recently released Sennheiser Momentum Sport already do this. It’s genuinely helpful to have all this data consolidated in your workout app and not have to wear both a watch and earbuds when you’re working out.
There’s big potential for AirPods to further Apple’s health ambitions, especially because the earbuds are one of the most inexpensive entry points into Apple’s wearable line.
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MacDailyNews Note: Here’s One More Thing:
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Apple could launch its own cellular network – analyst
The growing popularity of eSIMs could allow Apple and other phone manufacturers to launch their own cellular networks, a telecoms analyst says.
eSIMs — which replace the conventional SIM card found in phones with a small chip that’s permanently embedded in the phone — are becoming increasingly commonplace. Indeed, Apple itself launched an eSIM-only version of the iPhone 14 in the U.S. in 2022, a move that has accelerated adoption of eSIMs.
With eSIMs eradicating the need to distribute physical SIM cards and allowing cellular networks to activate customers instantly, a growing number of companies have set themselves up as virtual networks, including Western Union, Revolut and various airlines.
Apple and other smartphone manufacturers could also launch their own virtual networks, technology analyst firm CCS Insight claims. “What’s to stop an OEM [original equipment manufacturer] like Apple themselves offering eSIM capabilities?” said CCS Insight’s senior analyst, Luke Pearce, during a webinar on eSIM technology.
Although companies such as Apple or Samsung would still be reliant on the physical infrastructure provided by conventional networks such as Verizon or T-Mobile, by becoming a virtual network they would own the direct relationship with the consumer, posing a threat to those established cellular network giants.
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MacDailyNews Take: Not likely to happen anytime soon, but it could someday. It would certainly make things simpler to have Apple as the virtual network provider which could be used to give subscribers discounts on purchases and/or on Apple One bundles.
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Microsoft results top Wall Street targets; world’s most valuable company driven by AI investment
Microsoft beat Wall Street estimates for third-quarter revenue and profit on Thursday, driven by gains from adoption of artificial intelligence across its cloud services, and the world’s most valuable company’s shares jumped more than 4% in extended trade.
Yuvraj Malik, Anna Tong, and Stephen Nellis for Reuters:
The rise in Microsoft shares after the bell lifted the company’s stock market value by $128 billion as profit and revenue growth overshadowed its higher-than-expected capital expenditures.
“Microsoft’s AI-powered earnings demonstrate that doubling down on innovation is paying off,” said Jeremy Goldman, senior director of briefings at Emarketer, pointing to the company’s early moves in generative AI, such as its large investment in ChatGPT maker OpenAI.
Microsoft revenue rose 17% to $61.9 billion in the quarter ended March, exceeding the consensus estimate of $60.80 billion, according to LSEG data. Earnings per share of $2.94 topped Wall Street’s target of $2.82.
Microsoft’s AI-driven capital expenditures in the third quarter were nearly $1 billion more than analysts’ estimates. Capital expenditures grew from $11.5 billion in the previous quarter to $14 billion, passing estimates of $13.14 billion, according to Visible Alpha.
“We’re continuing to see customer demand grow quite a bit,” Brett Iversen, Microsoft’s vice president of investor relations told Reuters. “And so we’re making sure to scale our available capacity in line with that.”
The stock has soared on Microsoft shipping generative AI (GenAI) tools based on its strategic partnership with OpenAI and also helped it capture the world’s most valuable company crown from Apple this year.
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MacDailyNews Take: Microsoft’s early moves in GenAI are clearly paying off.
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Yes, the Gucci app for Apple Vision Pro is amazing
When Gucci published the “enhanced edition” of “Who is Sabato De Sarno? A Gucci Story” exclusively on the Apple Vision Pro spatial computer, it may have raised some eyebrows, but it’s really just Gucci’s latest move in a long-term strategy to strongly position itself in augmented reality technology that’s been underway since 2019.
Revealing the inspirations behind the House’s collections, the Gucci App presents ready-to-wear and accessories through engaging narrative and innovative features. With the app, users can download wallpapers, take pictures with stickers and motifs, use Augmented Reality to decorate spaces, virtually try-on accessories and scan select item’s authenticity certificates. Watch Gucci fashion shows, play Gucci Arcade games, personalize products in the Gucci DIY section and, through an immersive 3D experience, discover the House’s signature bags. Enter special sections, such as Gucci Places, to explore curious corners of the world, and Gucci Garden, designed with the creative spirit of the exhibit space in Florence.
When you first open the app, you’re presented with a documentary video telling the story of the brand’s new creative director, Sabato De Sarno. Again, I didn’t know anything about De Sarno, and had never heard of him before watching this video. That, to be clear, isn’t the point.
The point is that Gucci invested the time and energy required to build an app for Vision Pro, not to sell you anything, but to tell a story. The video itself is probably what you’d expect from a fashion house making a film about its creative director.
It doesn’t stay that way for long, however.
I’m not going to give away all of the details because — if you have access to a Vision Pro, you should definitely download the free app, and you should definitely watch the documentary. I don’t want to spoil it for you.
What I will say is that the Gucci app manages to take advantage of the Vision Pro in a way that few other apps do. It’s not like other immersive experiences that surround you with, say, Avenger’s Tower or the Iron Throne Room.
I will say that there’s a moment when the movie starts to explain the setting for De Sarno’s first runway show–a street outside a church in Milan–when you realize that suddenly you’ve been transported there. The environment around you has faded away and been replaced by that street. It’s done in such a subtle, yet convincing way.
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MacDailyNews Take: The free Gucci app is available via Apple’s App Store here.
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Apple Pencil 3 expected to deliver these new features
Apple Pencil 3 is expected to arrive soon (think Apple’s “Let Loose” special event on May 7th) and is anticipated to offer a number of new features, including a new “squeeze” gesture, Find My support, and might even be a stylus for the Apple Vision Pro.
Apple very, very broadly hinted that the third-generation Apple Pencil will be unveiled at the May 7 iPad event. If showing the product in the invitation even qualifies as a hint.
Code for a squeeze gesture turned up in the beta of iPadOS 17.5, according to 9to5Mac. “The gesture can be used for quick interactions such as adding shapes, signatures, stickers, or a text field,” the site reported…
Apple Pencil 3 will reportedly include support for Find My. If true, it means users will be able to set off an audible alert on the accessory if it can’t be found. Or show its location on an iPhone…
A recent leak indicates Apple has been testing a stylus that works with Vision Pro. Perhaps Apple Pencil 3 will support this AR/VR headset and not be limited to working with iPad.
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MacDailyNews Take: Make it work with iPhone 15 Pro Max and you’ll quickly sell out, Apple!
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Ex-NSA hacker, ex-Apple researcher launch ‘DoubleYou’ to protect Apple devices
An ex-NSA hacker and an ex-Apple researcher are launching “DoubleYou,” a startup that aims to help other makers of cybersecurity products to better protect Apple devices.
Lorenzo Franceschi-Bicchierai for TechCrunch:
Their startup is called DoubleYou, the name taken from the initials of its co-founder, Patrick Wardle, who worked at the U.S. National Security Agency between 2006 and 2008. Wardle then worked as an offensive security researcher for years before switching to independently researching Apple macOS defensive security. Since 2015, Wardle has developed free and open source macOS security tools under the umbrella of his Objective-See Foundation, which also organizes the Apple-centric Objective by the Sea conference.
His co-founder is Mikhail Sosonkin, who was also an offensive cybersecurity researcher for years before working at Apple between 2019 and 2021. Wardle, who described himself as “the mad scientist in the lab,” said Sosonkin is the “right partner” he needed to make his ideas reality.
Wardle and Sosonkin’s idea is to take a page out of the playbook of hackers that specialize in attacking systems, and applying it to defense. Several offensive cybersecurity companies offer modular products, capable of delivering a full chain of exploits, or just one component of it. The DoubleYou team wants to do just that — but with defensive tools.
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MacDailyNews Take: Having covered Wardle for years, we wish him and his partner Sosonkin much success!
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Apple TV+ debuts trailer for ‘Hollywood Con Queen’ docuseries premiering May 8th
Apple on Thursday revealed the trailer for the explosive documentary series “Hollywood Con Queen,” which explores the shocking story behind one of Hollywood’s biggest scams. The three-part docuseries will premiere on May 8, 2024, globally on Apple TV+.
A mysterious figure dubbed the ‘Con Queen’ impersonates the industry’s most powerful women, luring unsuspecting victims to Indonesia with the promise of a life-changing career opportunity. The ‘Con Queen’s’ marks exhaust their personal finances in pursuit of a big break, while being exploited in a perverse psychological game spanning the globe. The scam eventually draws the attention of veteran investigative journalist Scott Johnson of The Hollywood Reporter, and dedicated private investigator Nicole Kotsianas, who set out to find the truth only to discover a story more strange than they could have imagined.
“Hollywood Con Queen” hails from Emmy winner Chris Smith and Library Films, the team behind the pop-culture phenomenon “Tiger King,” the acclaimed surfing docuseries “100 Foot Wave,” “Fyre,” “Bad Vegan,” “Operation Varsity Blues” and more.
Apple TV+ offers premium, compelling drama and comedy series, feature films, groundbreaking documentaries, and kids and family entertainment, and is available to watch across all of a user’s favorite screens. After its launch on November 1, 2019, Apple TV+ became the first all-original streaming service to launch around the world, and has premiered more original hits and received more award recognitions faster than any other streaming service in its debut. To date, Apple Original films, documentaries and series have earned 484 wins and 2,143 award nominations and counting, including multi-Emmy Award-winning comedy “Ted Lasso” and historic Oscar Best Picture winner “CODA.”
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Apple’s newly released AI models could show the future of artificial intelligence on iPhones
Apple researchers have released a slew of new AI models that offer a hint at how artificial intelligence might work on future iPhones, iPads, Macs, and other devices.
Andrew Griffin for The Independent:
The company has largely been quiet on its plans for AI, as much of the rest of the tech industry has pivoted towards offering new artificial intelligence features and products.
Now, however, Apple’s release of what it called “OpenELM” might offer a hint at how those features could work. Apple says the name stands for “Open-source Efficient Language Models”, and that they are relatively small models specifically calibrated for certain tasks.
Apple’s developers said the release was made public in the name of “reproducibility and transparency”, which is “crucial for advancing open research, ensuring the trustworthiness of results, and enabling investigations into data and model biases, as well as potential risks”. It did not give any indication that they would be used in future products.
However, the fact that Apple is focusing on small and efficient models might be a hint at the way they will appear in the iPhone. Such small models are built specifically to run on consumer devices, rather than the large cloud services that are required to power some other, less efficient AI tools.
Apple appears to be looking to build AI models that can run on the iPhone itself, without sending data to its servers. That would be in keeping with Apple’s commitment to privacy, as well as helping to ensure that any AI-powered features run more quickly and do not rely on having a fast internet connection.
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MacDailyNews Note: Apple last December acquired Paris-based artificial intelligence startup Datakalab which specializes in on-device AI processing.
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[Thanks to MacDailyNews Reader “Fred Mertz” for the heads up.]
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Jim Cramer is bullish on Apple’s Vision Pro; sees potential enterprise boon
CNBC’s Jim Cramer on Wednesday told investors he’s confident in the success of the Apple Vision Pro and sees uses for the spatial computer outside the consumer space. He suggested the Vision Pro could be an enterprise boon.
He said there are real signs of weakness — or “brown shoots” — in the economy, pointing to poor earnings from some transportation companies. But Cramer argued that recent reported weakness about the prosperity of the Vision Pro does not hold weight.
“Talk about a faux brown shoot, that’s outrageous. What a straw man,” Cramer said. “If Apple can sell 400,000 units of a $3,500 product that’s just now having software written for it, then I think they’re doing great.”
Cramer also suggested that Apple could pivot and market the Vision Pro as an enterprise product.
“The construction of factories is the largest business in the world,” he said. “If you could cut waste and test out potential changes on the Vision Pro before you put them in reality — and that’s what’s known as a digital twin — then I say that $3,500 price tag is way too cheap.”
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MacDailyNews Note: Here’s the video:
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