I still feel like they are in an incredible position when it comes to AI because of their hardware integration/advantage across all of their devices. I think they see immense value in getting things on-device and not having to rely on any of these other companies.
When it comes to AI, there's ~5 trillion dollars of datacenter revenue Apple could be competing for, but isn't. That's not good.
Now, maybe it would be justifiable if there were great local AI experiences on iPhone, or an easy $5 trillion to be made elsewhere. Until then, Apple is bleeding money hand-over-fist by refusing to sign the CUDA UNIX drivers and sell the rackmount Mac as a cutting-edge TSMC inference box. The Grace superchip is absolutely eating Apple's ARM lunch right now.
