Tom Forte, Maxim Group senior consumer internet analyst, joins 'Money Movers' to discuss Apple considering using OpenAI or Anthropic to power Siri.

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 is reportedly considering using technology from OpenAI or Anthropic to improve its Siri voice assistant, rather than relying solely on its own artificial intelligence capabilities. Tom Forte, a senior analyst at Maxim Group, noted that Apple has not met expectations with its AI advancements for Siri and sees the potential partnerships as a positive step.

Forte highlighted that recent developer events revealed little new information about Apple's AI plans, and that leveraging external expertise could help Apple better compete in the smartphone market. He also addressed concerns about OpenAI's hardware ambitions, suggesting they do not pose a significant threat to Apple.

Maxim: Apple overpromised and underdelivered with Apple Intelligence

Welcome back. Take a look at shares of Apple higher this morning amid reports that the company is considering using open AI or Anthropic to power Siri instead of its own in-house technology. Joining us now with some reaction is Maxim Group senior consumer internet analyst Tom Forte has a hold on the stock price target 201. What do you make of this report? What does it signal to you? Yeah. So when I think about Apple and artificial intelligence, this is one of the few examples where they over promise and under delivered. When you think about their plans to upgrade Siri using artificial intelligence. So for that reason, I'm very encouraged that they might use either open AI or Anthropic to advance the effort, even though it's an acknowledgement that they're not able to do it in-house because Apple needs to have something that can market to consumers, including an iPhone that leverages artificial intelligence more fully. So does this give you hope that they will do that if they work with an Anthropic or an open AI? Yes, it does give me hope because if you think about it, we just had the developers conference and there was not a lot of new information on Apple and there was very little incremental details on the timing on when it intends to roll out an upgraded Siri that is enhanced via artificial intelligence. So I think any efforts by the company, including leveraging the expertise of open AI or Anthropic, it would be a nice step in the right direction for Apple. Does it come quick enough for the rest of this year and the holiday quarter in particular for iPhone sales or not? I guess it may. I mean, the challenge stepping aside from artificial intelligence for Apple is tariffs and continued weak sales in China on a combination of not having a more robust AI smartphone and then also strong competitive pressure. They had a slight improvement in March quarter versus December quarter in China. So I guess it may come fast enough. I mean, the open AI thing was curious to me because isn't it, wouldn't it be a concern for Apple that open AI just paid $6.4 billion for Johnny Ives and his his company to do some sort of AI device that might compete ultimately with Apple on the AI device for open AI and the Johnny Ive hire? I still think that's open AI playing defense rather than offense, trying to position itself so it has both the hardware and software solution. It reminds me in some regards of the Amazon Fire phone, which was an attempt by Amazon to make it less dependent on Apple's ecosystem and Google's ecosystem. I don't think that's a huge threat to Apple and open AI hardware.

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Maxim: Apple overpromised and underdelivered with Apple Intelligence

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