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Loop Capital analyst Ananda Baruah late Monday said Apple is in the process of placing orders for about $1 billion in Nvidia (NVDA) GB300 NVL72 systems. That equates to about 250 servers at $3.7 million to $4 million each, he said in a client note.
"AAPL is officially in the large server cluster Gen AI game … and &&SMCI & DELL** are the key server partners," he said. "While we are still gathering fuller context, this appears to have the potential to be a Gen AI LLM (large language model) cluster."
Quarterly Earnings
FY2025Q2
Since we launched iOS 18, we’ve released a number of Apple Intelligence features from helpful Writing Tools to Genmoji, Image Playground, Image Wand, Clean Up, Visual Intelligence and a seamless connection to ChatGPT. We made it possible for users to create movies of their memories with a simple prompt and added AI-powered photo search, Smart Replies, priority notifications, summaries for mail, messages, and more. We’ve also expanded these capabilities to more languages and regions.
With regard to the more personal Siri features we announced, we need more time to complete our work on these features so they meet our high-quality bar. We are making progress, and we look forward to getting these features into customers hands.
For the March quarter, we had a limited impact from tariffs as we were able to optimize our supply chain and inventory. For the June quarter, currently we are not able to precisely estimate the impact of tariffs, as we are uncertain of potential future actions prior to the end of the quarter. However, for some color, assuming the current global tariff rates, policies, and applications do not change for the balance of the quarter and no new tariffs are added, we estimate the impact to add $900 million to our costs. This estimate should not be used to make projections for future quarters, as there are certain unique factors that benefit the June quarter.
For the June quarter, we do expect the majority of iPhones sold in the U.S. will have India as their country of origin, and Vietnam to be the country of origin for almost all iPad, Mac, Apple Watch, and AirPods products also sold in the U.S. China would continue to be the country of origin for the vast majority of total product sales outside the U.S.
If you look at the category for the June quarter, most of our tariff exposure relates to the February IEEPA-related tariff at the rate of 20 percent, which applies to imports to the U.S. for products that have China as their country of origin. In addition, for China, there was an additional 125% tariff for imports of certain categories of products announced in April, and for us, that’s some of our U.S. AppleCare and accessories businesses and brings the total rate in China for these products to at least 145%.
The vast majority of our products, including iPhone, Mac, iPad, Apple Watch, and Vision Pro, are currently not subject to the global reciprocal tariffs that were announced in April, as the Commerce Department has initiated a Section 232 investigation into imports of semiconductors, semiconductor manufacturing equipment and downstream products that contain semiconductors.
FY2025Q1
FY2024Q4
FY2024Q3
FY2024Q2
We continue to feel very bullish about our opportunity in Generative AI. We are making significant investments, and we're looking forward to sharing some very exciting things with our customers soon.
~ Tim Cook
Given the continued confidence we have in our business now and into the future, our Board has authorized today an additional $110 billion for share repurchases, as we maintain our goal of getting to net cash-neutral over time.
~ Luca Maestri