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

The release of Open AI's ChatGPT has accelerated the development of artificial intelligence and warnings about its impact on society.

Rise of AI

Apple CEO Tim Cook has communicated to employees and investors a renewed focus on artificial intelligence, following a period of setbacks in the field. Cook stated that Apple will increase investment in AI infrastructure and talent, and is open to acquiring companies that can speed up the company's AI development.

Recent acquisitions by Apple have included a Seattle-based AI startup, Y Labs, but the company may need to consider larger deals to keep pace with competitors. Potential targets discussed include AI firms such as Perplexity, Anthropic, and Mistral, though Apple may also opt for strategic partnerships rather than outright acquisitions.

Apple's AI Acquisition Targets

Welcome back, Apple's Tim Cook reportedly holding a rare all-hands meeting on Friday and signaling a push to make new AI investments amid concerns about the company's AI strategy. For today's Tech Check, Steve Kovach has more on what those investments could look like. Steve. Yeah, Leslie, so that all-hands meeting that reportedly took place on Friday gives some more hints at how Apple is going to handle artificial intelligence after those failures and missteps over the past year. And now Bloomberg reporting, Cook told employees AI is ours to grab and will make investments to get there. This also echoes what he told me the day before during the earnings, saying they're going to significantly increase AI investment for compute and talent. Also told me he's willing to acquire companies that accelerate Apple's roadmap. Now according to PitchBook, Apple acquired a few small companies so far this year, though only one appears related to AI. That would be Seattle-based startup Y Labs. Some notable acquisitions in Apple's history, though, the $3 billion for Beats over a decade ago, of course, that was for music streaming and audio accessories. They also paid a billion dollars for Intel's 5G modem business. Those modems are just now being used in some iPhones and will eventually phase out Qualcomm's modems in all devices. Other features and products come from smaller acquisitions. You have Shazam, Siri, and that weather app Dark Sky. But if Cook is serious about AI M&A, he may need to start spending bigger. Some potential targets, we talk about these all the time, perplexity, and in fact, Apple already hinted at at least a partnership with perplexity. Then there's Anthropic, the open AI competitor, and Mistral, a smaller company. It's an open source startup making AI models. Now look, but Apple may also decide to partner instead of acquire. Bloomberg also reported that earlier this summer. Cook may have even given a subtle hint. That's the direction he's going to take. Asked on the earnings call last week if AI models are becoming commoditized, Cook said he didn't want to give away strategy. So my read into that, considering using one of those commoditized models for Apple Intelligence, that could be Anthropic, that could be open AI, or one of the others, guys.

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Sana'a

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Jerusalem

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Apple's AI Acquisition Targets

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Rise of AI