Evercore ISI Reiterates Outperform Rating on Apple Following Google AI Deal, $330 Price Target
Evercore ISI analyst Amit Daryanani reiterated an Outperform rating and $330.00 price target on Apple (NASDAQ: AAPL).
“Apple confirmed today that it has entered into a multi-year agreement with Google for its next generation of AI models that’ll power the long-awaited Siri 2.0 upgrade.
The joint statement notes that Apple’s Foundation models and cloud technology will be based on Google’s Gemini models, which have received positive feedback since Google launched Gemini 3.0 last year.
We continue to expect the upgrade to be announced in the coming months.
In addition, the statement noted: “After careful evaluation, Apple determined Google’s AI technology provides the most capable foundation for Apple Foundation Models.” The statement did not include a price tag, but prior reports indicated that Apple would be paying ~$1B a year to license the ~1.2T parameter model.
Net/Net: We believe the Apple-Google partnership, which was widely reported before, allows Apple to get the best of both worlds – as Apple upgrades its current model stack with the well-received Gemini 3 model while also opening new vectors for potential monetization.
Expect an Apple Intelligence 2.0 announcement to come in the coming months that’ll be headlined by a more custom and personal Siri experience. Maintain our OP and $330 target.”
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