Apple (AAPL) is winding down its electric vehicle efforts.

All as it jumps into generative artificial intelligence – a market that could be worth about $1.3 trillion by 2032, according to Bloomberg Intelligence.

“Rising demand for generative AI products could add about $280 billion of new software revenue, driven by specialized assistants, new infrastructure products, and copilots that accelerate coding. Companies like Amazon WebServices, Microsoft, Google and Nvidia could be the biggest beneficiaries, as enterprises shift more workloads to the public cloud,” they added.

No wonder Apple wants a piece.

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So far, as noted by CNBC, the company sees “incredible breakthrough potential for generative AI, which is why we’re currently investing significantly in this area,” Cook said at Apple’s annual shareholder meeting. “We believe it will unlock transformative opportunities for our users when it comes to productivity, problem-solving, and more.”

Better, the company expects to have a major AI announcement later this year.


Ian Cooper