Overview

• Apple posted a 10% year-over-year revenue gain in Q3 and said it is significantly ramping AI investments across its devices, software, and teams.
• The company has completed seven modest AI acquisitions in 2025, averaging one startup every few weeks, and remains open to further deals.
• More than 20 AI-powered capabilities under the Apple Intelligence suite are live, and live translation and an AI workout companion are expected later this year.
• Tim Cook confirmed that a major Siri overhaul has been pushed to 2026 and stressed that new AI gadgets will complement rather than replace the iPhone.
• Part of this quarter’s capital expenditure was directed to Private Cloud Compute infrastructure to support on-cloud AI workloads.