AI is overhyped regardless of whether Apple exists or not. They’re getting attention only because they didn’t jump on the bandwagon, and from a purely investment standpoint their fiscal discipline is honestly astounding.
When your competition is currently burning billions of dollars left and right, Apple refunding Google $1 billion and giving OpenAI zero dollars seems pretty smart to me, Apple‘s largest acquisition in their entire history is only three billion dollars that’s planning.
Apple's competition is high-performance compute. Nvidia is eating their lunch to the tune of $4 trillion, and Apple just let it happen. They left billions on the table in revenue that Nvidia eats up with their own ARM servers that aren't arbitrarily restricted by the OEM.