CNBC’s Steve Kovach joins 'Money Movers' to discuss st Apple's Tim Cook hinting at AI acquisitions.

Apple CEO Tim Cook addressed employees in an all-hands meeting, emphasizing that artificial intelligence represents a major opportunity for the company. Cook stated that Apple will make significant investments in AI and is open to acquiring companies that can accelerate its progress. 

Recent reports indicate that Apple has acquired several small companies this year, with only one directly related to AI. Cook has also suggested that partnerships, rather than acquisitions, may play a role in Apple's AI strategy. The company is considering various options as it seeks to enhance its AI capabilities and update products like Siri.

Apple CEO Tim Cook to staff: AI is 'ours to grab'

All right. Welcome back everybody. Apple CEO Tim Cook reportedly holding an all hands meeting on Friday hinting at new investments as the company faces questions around its AI strategy. Steve Kovac has more for us in today's tech check. Hey Steve. Hey there. Not used to seeing you in the afternoon. It's really weird. I know. Good morning. Good afternoon. Whatever it is we'll talk about Tim Cook because of that all hands meeting happened on Friday giving us some more hints of how Apple will handle A.I. after its failures and missteps of the past year. Bloomberg reporting Cook told employees artificial intelligence is ours to grab and we'll make investments to get there. By the way that Becky that just echoes what he told me the day before that meeting during earnings saying he's going to significantly increase A.I. investment and he's willing to acquire companies that in his words accelerate Apple's roadmap. Now according to Pittsburgh Apple has acquired a few small companies so far this year but only one appears to be related to A.I. that would be Seattle based startup Y Labs. Now some notable acquisitions over the years. Three billion dollars for beats over a decade ago. Biggest acquisition ever for the company. That's of course for music streaming and audio accessories. Then a billion dollars for Intel's 5G modem business. Other features and products came from smaller acquisitions that includes things like Shazam and Siri and the weather app Dark Sky. But if Cook is serious about A.I. M&A he may need to start spending bigger and some potential targets. We talk about these all the time perplexity. In fact Apple has already hinted at a potential partnership with that company. Then there's Anthropic the opening I competitor and Mistral which makes open source A.I. models. But Apple may also decide to partner instead of acquire which Bloomberg reported earlier this summer. Cook may have even given a hint. That's the direction he's going. Asked on the earnings call last week if A.I. models are becoming commoditized. Cook played it a little coy and said he did not want to give away his A.I. strategy. So my read on that considering using one of those commoditized models for Apple intelligence and getting that big Siri update actually out the door next year. So one of the ones that's at the bottom of the pack maybe not the ones that are always mentioned on these things because beats three billion dollars. Right. Flex and he's got a 20 25 of 18 billion and you'd have to pay way more than that to get it. Exactly. So that would be a massive acquisition. Several orders of magnitude bigger than they've ever done. And Apple has shown they don't want to spend these hundred billion dollars a year like its peers are spending whether that's on compute whether that's on talent. By the way talent is going to these other companies from Apple. So it sounds like at least if you want to read the tea leaves a little bit if they don't acquire their way to this they might be willing to pay that significant investment in licensing fees or partnership fees. That is really fun. I like this parlor game. Let's keep playing later. Let's keep doing it. OK. You have another show I can do it on to. Right. Yeah. Yeah. Let's do that. I'll see you back here tomorrow or there tomorrow. Whatever the other. Thank you. Thanks.

The Prime Minister's Office said to the Chief of Staff, Lieutenant General Eyal Zamir that, "If this does not suit him, you should resign."

Jerusalem

Middle East Conflict

Israel's Netanyahu says decision made for full occupation of Gaza

Delegates are gathering this week at the United Nations in Geneva, attempting to negotiate a global treaty to curb plastic pollution. But diplomats and climate advocates warn that efforts by the European Union and small island states to cap virgin plastic production are threatened by opposition.

Geneva

Strong UN treaty on plastic pollution in doubt as talks resume

President Trump announced Friday on social media that he ordered two nuclear submarines to move into more strategic positions near Russia. On Monday, Russian officials downplayed the comments and warned about the risk of nuclear rhetoric.

Moscow

Russia downplays Trump's announcement about nuclear submarines

U.S. trade representative Jamieson Greer told "Face the Nation" that tariff rates are "pretty much set" ahead of President Trump's Aug. 7 deadline. CBS News MoneyWatch correspondent Kelly O'Grady has the latest.

Washington

Global Tariffs

White House holds firm on tariff rates ahead on Aug. 7 deadline

Donald Trump confirmed his special envoy Steve Witkoff will visit Russia, ahead of a deadline the U.S. president has set for Russia to agree to end the Ukraine war or face new sanctions. Witkoff is expected in Moscow in the middle of this week.

Ukraine Invasion

U.S. envoy Steve Witkoff expected to visit Russia

New images of emaciated Israeli hostages held in Gaza have horrified Israelis and added pressure on Prime Minister Benjamin Netanyahu to reach a ceasefire with Hamas, even as his government considers another expansion of the nearly 22-month war.

Tel Aviv-Yafo

Videos of hostages increase pressure on Netanyahu for ceasefire

Pope Leo XIV wrapped up a weekend jubilee for more than 1 million young Catholics at a Rome suburb. As a new generation from around the globe celebrated, the pope drew attention to their peers in Ukraine and Gaza who cannot.

Rome

Pope Leo XIV addresses Gaza, Ukraine at youth festival

A shipwreck off Yemen has killed at least 68 people, the UN's migration agency said, with dozens still missing after the boat carrying mostly Ethiopians sank.

Sana'a

Migrant boat sinks off Yemen, killing at least 68

After two unverified videos of Israeli hostages were released, Hamas said the hunger crisis in the region puts them at risk. The militant group said it would deliver food from the Red Cross to the hostages under a couple of conditions, including permanent humanitarian corridors.

Hamas says hunger crisis putting hostages at risk

U.S. President Donald Trump fired the U.S. commissioner of labour statistics after weak jobs numbers signaled tariffs weren’t yet leading to his promised economic boom.

Trump dismisses weak jobs numbers, fires labour statistics chief

Government scientists warn that the 2025 wildfire season in North America is projected to be the longest ever, with fires already causing significant damage across the western United States and Canada. Major blazes have led to evacuations, destruction of historic sites, and widespread air quality alerts.

Santa Barbara

Wildfire season in North America shaping as worst on record

A volcano in Russia's Far East has erupted after sitting dormant for 600 years. Scientists believe the eruption was triggered by the massive earthquake that struck the region last week.

Kamchatka Peninsula

Russian volcano erupts for first time in 600 years

An independent watchdog agency responsible for enforcing a law against partisan political activity by federal employees has opened an investigation into Jack Smith, the special counsel who brought two criminal cases against Donald Trump before his election to the White House last year.

Former Trump prosecutor Jack Smith faces probe by U.S. watchdog

New outbreaks of violence overnight into Sunday (August 3) rocked Syria straining a fragile ceasefire. Meanwhile residents in Sweida are calling access to more humanitarian aid.

As Suwayda

Humanitarian needs escalate in Sweida as truce frays

Parts of the European Commission's much-anticipated AI Act come into force this weekend. It's been hailed as the first piece of comprehensive legislation aimed at regulating AI globally, though critics say it doesn't go far enough.

Brussels

Rise of AI

EU's landmark AI act enters new phase

A Ukrainian lawmaker and a pair of local officials, as well as an unspecified number of National Guard personnel, have been caught in a major graft scheme that involved using state funds to buy drones and other military hardware at deliberately inflated prices in return for bribes.

Kyiv

Ukraine uncovers major drone procurement graft scheme

Over the past few days, Hamas and its ally Islamic Jihad have released three videos showing two hostages seized during the October 7, 2023, attack on Israel that triggered the ongoing war in Gaza. The videos sparked reactions from Israelis who are stepping up calls for a truce.

Israeli hostage families protest in Tel Aviv

Pope Leo XIV celebrated the concluding mass of one of the most important events of the Holy Year. A million faithful filled the Tor Vergata esplanade in Rome. Pope Leo sent a message of hope for the young people afflicted by wars and recalled the words of his predecessor.

Pope Leo urges Catholic youth to spread faith and enthusiasm

President Trump explained why he fired Bureau of Labor Statistics Commissioner Erika McEntarfer on Friday. Government data showed fewer jobs were added to the U.S. economy last month than expected.

Trump announces new tariff rates, fires employment commissioner

Former Special Counsel Jack Smith, who ran two federal prosecutions of President Trump, is under investigation for allegedly violating a law barring federal employees from using their position to influence elections.

Jack Smith investigated for using position to influence elections

Montana authorities released a new surveillance image showing who they have identified as the suspect in a bar shooting in Anaconda. Meanwhile, nearly 2,000 miles away, police in Tennessee are searching for a quadruple homicide suspect.

Anaconda

Suspect on the run after Montana bar shooting

Los Angeles officials are praising an appeals court ruling limiting immigration stops, but the decision may only escalate a battle over transparency and control. Elise Preston has the latest information.

Los Angeles

Appeals court keeps restrictions on California ICE raids

Disturbing new video shows a severely malnourished Israeli hostage being held in what appears to be an underground tunnel. This comes as witnesses and aid workers say Israeli troops opened fire on hungry civilians at two Gaza food distribution sites.

Sderot

Hamas propaganda shows malnourished Israeli hostage

Donald Trump has ordered the repositioning of two United States nuclear submarines to “appropriate regions” relative to Russia, blaming a heated exchange with Dmitry Medvedev, Moscow’s military leader and former president.

Trump sends nuclear submarines towards Russia

A mass shooting in Anaconda triggers community shock and concern, as witnesses share their experiences and the investigation unfolds amid rising tensions.

Community in shock following deadly shooting in Anaconda

U.S. President Donald Trump said he's ordered his administration to fire the commissioner of the U.S. Bureau of Labor Statistics, on the same day new data was released showing weak job growth in July. The Labor Department also sharply revised job growth for May and June down.

Trump orders firing of U.S. Bureau of Labor Statistics commissioner

U.S. President Donald Trump says he ordered two nuclear submarines to be positioned in the "appropriate regions" as a response to comments made by Russia's former president. CBS News' Charlie D'Agata reports.

Trump says nuclear submarines moved in response to Russia

Jeffrey Epstein accomplice Ghislaine Maxwell has been transferred to a Bryan, Texas, prison, CBS News confirms. Maxwell was previously held in Tallahassee, Florida.

Bryan

Ghislaine Maxwell transferred to Texas prison

The announcement comes as international pressure mounts on Israel over the war in Gaza and the deepening humanitarian crisis in the Palestinian enclave.

Ljubljana

Slovenia becomes first EU country to ban arms trade with Israel

The United States imposed sanctions on Palestinian Authority officials just as other nations are stressing the importance of the PA in governing Gaza in the event of an end to the devastating war in the enclave.

Breakdown