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Apple delivers solid results with China rebound, but where’s its AI strategy? – Wedbush analyst Daniel Ives

MacDailyNews

Aug 1

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Daniel Ives, Wedbush’s Managing Director and Senior Equity Research Analyst, in a new note to clients regarding Apple’s Q325 results recognized the company’s strong performance in China and double-digit growth in iPhone, Mac, and Services, but asks “where is Apple’s AI strategy?”

Philip Elmer-DeWitt for Apple 3.0:
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Daniel Ives, Wedbush: Cupertino Delivers Solid Results With China Rebound; Where is AI Strategy?
Apple reported solid FY3Q25 June results featuring solid beats across the board driven by double-digit growth in iPhone, Mac, and Services while noting a strong rebound in the China region, which saw 4% y/y growth in the quarter… iPhone revenue came in much stronger than expected at $44.58 billion (up 13% y/y) well above the Street’s $40.29 billion estimate as the company set a June quarter record for upgraders while seeing broad-based growth for its iPhone 16 family including double-digit growth across emerging markets… Solid September directional guidance… AI is the elephant in the room. Outperform. $270.

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MacDailyNews Take: Yup. As heard on Apple’s conference call, it seems that Cook is still trying to buy time in AI by dangling the hopes of possible, maybe, you-never-know acquisitions and an AI Siri coming real soon now (next year, two years after he disingenuously played a vaporware marketing video of a nonexistent AI Siri).

As we just wrote earlier this morning, “The stock price is still rangebound. AAPL is up less than 2% after an all-time record third quarter. A notable AI acquisition or some other meaningful AI news would break that constraint.” More here.

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