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Amazon and Apple raked in almost £200bn in revenue in just three months as they continued their push into artificial intelligence (AI).
In a banner week for US tech, Amazon reported an 11 per cent rise in sales to £123bn for the three months to the end of September, while Apple posted a 6 per cent rise in the same period to £73.6 billion pounds.
It came after Microsoft and Meta warned they were spending more money on AI infrastructure as demand rises.
AI boost: Amazon reported an 11% rise in sales to £123bn for the three months to the end of September. Apple recorded a 6% increase over the same period (to £73.6 billion)
Amazon’s profits rose 55 percent to £11.9 billion, while Apple’s profits fell 35 percent to £11.4 billion due to a European court ruling that it must pay more than £11 billion in taxes.
Apple’s AI tools for iPhone launched for some users this week, while Amazon has a generative AI-savvy shopping assistant called Rufus.
Amazon President Andy Jassy said there is “much more to come” with new AI capabilities set to be announced in December.
Apple boss Tim Cook said its Apple Intelligence “sets a new standard for privacy in AI and boosts our lineup heading into the holiday season.”
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