Amazon and Apple Achieve Significant Revenue Growth Through AI

Amazon and Apple have reported impressive revenues totaling nearly £200 billion in just three months, driven by their ongoing investments in artificial intelligence (AI).

In a strong showing for the technology sector, Amazon announced an 11% increase in sales, reaching £123 billion for the three months ending in September. Meanwhile, Apple posted a 6% rise, bringing its revenue to £73.6 billion during the same period.

The surge in revenues comes amid rising costs associated with AI infrastructure, with companies like Microsoft and Meta also reporting increased spending in this area.

Amazon’s profits soared by 55%, climbing to £11.9 billion. In contrast, Apple faced a 35% drop in profits to £11.4 billion due to a European court ruling that mandated it to pay over £11 billion in taxes.

This week, Apple launched its new AI tools for the iPhone for select users, reflecting its commitment to enhancing the customer experience through advanced technology. At the same time, Amazon introduced a generative AI shopping assistant named Rufus, aimed at improving online shopping.

Speaking on the future of AI at Amazon, President Andy Jassy indicated that more innovations are on the way, with new capabilities expected to be revealed in December.

Apple's CEO Tim Cook emphasized that its new AI features, dubbed Apple Intelligence, not only enhance privacy but also boost the company’s product lineup just in time for the holiday season.

Amazon, Apple, AI