Apple is making moves to enhance its artificial intelligence capabilities ahead of its Q2 conference call on May 2. The tech giant is reportedly in talks with Microsoft-backed OpenAI to integrate advanced AI features into its upcoming iPhone model.
Despite facing criticism for its slow progress in AI advancements, Apple is actively seeking partnerships and acquiring smaller firms to boost its AI prowess. The company recently acquired Datakalab and DarwinAI, and is exploring collaborations with Google to leverage its AI model into its products.
With concerns over declining iPhone and iPad sales, Wall Street analysts are closely watching Apple’s performance in the Services segment, which is expected to support the top line revenue of $90.34 billion in Q2. Analysts also predict Apple will post earnings of $1.5 per share in the second quarter.
Apple stock has taken a hit, losing about 12% of its value due to weaker hardware sales and slow AI progress. However, Wall Street analysts remain cautiously optimistic about the company’s future prospects. The stock currently has a Moderate Buy consensus rating, with an average price target of $200.71, suggesting an 18.55% upside potential from current levels.
