Crypto Updates

Tim Cook’s AI Efforts Have Wedbush’s Dan Ives Excited: ‘We View Apple Like Meta 18 Months Ago’

Veteran Trader Peter Brandt Asks Macro Guru If Bitcoin Bull Has Finally Awoken From Deep Slumber

Apple Inc. (NASDAQ:AAPL) CEO Tim Cook’s first mention of AI during the December quarter earnings call has Wedbush’s Dan Ives excited about the iPhone maker’s prospects going forward.

What Happened: Ives thinks despite headwinds in markets like China, Apple can navigate them as it looks to speed up its AI efforts. He says Apple is entering a “new growth cycle,” with AI and iPhone being its two primary growth drivers.

“We view Apple like Meta 18 months ago… entering a major growth cycle despite Street giving no credit,” Ives said in a post on X.

We view Apple like Meta 18 months ago…entering a major growth cycle despite Street giving no credit…with AI about to tap into an installed base of 2.2 billion and iPhone growth (ex tough comps) now growing again. China will grow again in 2H our view 🏆🍎🍿

— Dan Ives (@DivesTech) February 2, 2024

Cook underscored another major statistical achievement during theearnings call– Apple now has a total installed base of 2.2 billion across iPhones, iPads, Macs and other devices.

See Also: Mark Zuckerberg ‘Just Getting Started,’ Says Ives. Munster Says ‘Not Too Late’ To Buy Meta

This provides Apple with a substantial user base to tap into to give its AI efforts a boost.

While Apple has been working on AI for several years now, it has not been as vocal about it as a few other Big Tech companies like Microsoft Corp. (NASDAQ:MSFT), Alphabet Inc.’s (NASDAQ:GOOG) (NASDAQ:GOOGL) Google or Meta Platforms Inc. (NASDAQ:META).

Cook’s mention of AI during theearnings callalso excited Deepwater Asset Management’s Gene Munster.

“Bingo! Tim Cook used the letters ‘AI’ in prepared remarks for the first time, saying AI is important to Apple’s future.”

“I still believe we will see a generative AI model at WWDC. Welcome Apple to generative AI steamroller.”

Coming to the iPhone business, Apple reported a 6% increase in iPhone 15 sales compared to the iPhone 14 series, helping it grab a 64% market share in the U.S.

On the other hand, the company witnessed a 12% drop in iPhone sales in China amid rising competition from Huawei.

But it’s not all gloomy – Ives expects iPhone sales to grow again in China in the second half of the year.

Why It Matters: Apple has also published an AI breakthrough in a research paper, elaborating on how it can run large-language…

Click Here to Read the Full Original Article at Cryptocurrencies Feed…