Apple (NASDAQ:AAPL) could be poaching many AI experts from its rival tech giant Google (NASDAQ:GOOGL), according to a Financial Times report. The report indicates that Apple has established a secretive AI laboratory, Vision Lab, in Zurich as it endeavors to gain an edge over its rivals in developing AI models and products.
Since hiring John Giannandrea as its top AI executive in 2018, Apple has reportedly recruited at least 36 AI specialists from Google, according to the report. The employees at Apple’s Zurich laboratory have been engaged in the research of AI technology, including advanced models like OpenAI’s ChatGPT. Furthermore, the researchers are focusing on advanced AI models that integrate text and visuals for query responses.
Apple’s AI Focus
Apple is increasingly looking at bolstering its AI capabilities and is actively seeking partnerships and acquiring smaller firms to enhance its AI prowess. The company’s recent AI acquisitions include Datakalab, a Paris-based AI startup, and DarwinAI. Furthermore, the Cupertino-based tech giant is also exploring collaborations with Google and OpenAI for AI integration into its products.
Is Apple a Buy or Sell Now?
Analysts remain cautiously optimistic about AAPL stock, with a Moderate Buy consensus rating based on 18 Buys, 11 Holds, and two Sells. Year-to-date, AAPL has declined by more than 9%, and the average AAPL price target of $200.37 implies an upside potential of 15.1% from current levels.
