The project focuses on running AI models rather than developing AI models, an area dominated by Nvidia’s chips. Apple has been designing its own chips for its devices for years, and developing homemade AI chips could position the company well to take advantage of the artificial intelligence market frenzy.
Some investors and analysts have grown impatient as Apple has been tight-lipped about its AI plans. CEO Tim Cook has hinted that the tech giant is working on AI projects, hinting that Apple’s June 10-14 will announce AI software at the Worldwide Developers Conference to be held between
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“Generative AI is a big opportunity for us in our products, and we’ll be talking more about that in the coming weeks,” Cook said on Apple’s earnings call last week.
Apple is holding an event on Tuesday where it is expected to present the new version of the iPad. Apple shares are down 3% year-to-date, compared with a 3% rise in the Dow Jones industrial average, which includes Apple.
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