Thematic Spotlight: Hey Siri, Meet ChatGPT

Apple has reportedly closed in on a deal with ChatGPT creator OpenAI to bring the startup’s artificial intelligence (AI) services to the iPhone.1 The two companies will allegedly form a contract to use ChatGPT features in iOS18, an operating system which will ship with the next generation of iPhones.2 Full details are expected to be released in Apple’s annual Worldwide Developer Conference (WWDC) due early this June.

Apple’s possible alliance with OpenAI comes as investors have raised concerns around the company’s relatively slow pace of AI adoption when compared to rival big tech companies such as Microsoft, Google, and Amazon. Where Microsoft, Google and Amazon have been first movers – cumulatively investing more than US$30 billion on AI startup firms such as Anthropic and OpenAI in 2023 – Apple has seen little activity on the AI front until recently.3 Prior to the reported team-up with OpenAI, Apple prioritised the development of on-device processing – claiming the approach would ensure better security and privacy for users.4 Now, the company’s datacentre division, nicknamed ACDC (Apple Chips in Data Centers), will be focused on building internal chip capabilities and providing AI services through the cloud.5

The upcoming WWDC in June will be one to watch for investors keen on AI. In reference to the event, Apple CEO Tim Cook has promised new AI services coming to the iPhone will be added on a “very thoughtful basis” – a quote that investors have taken to mean the firm will not look to make a huge one-off integration, but instead add multiple smaller elements which will assist users in their daily usage.6 Nonetheless, as with any technology that Apple touches – integration of AI on the most popular technological platform in the world will be vindication for investors who are bullish on the technology.

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This material represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. This information is not intended to be individual or personalised investment or tax advice and should not be used for trading purposes. Please consult a financial advisor or tax professional for more information regarding your investment and/or tax situation.