#ai-partnership

#ai-partnership

It may finally be time to take AI on the iPhone siri-ously. Apple and Google on Monday announced a multi-year partnership that will see Apple Foundation Models standing on the shoulders of Google Gemini models, one that will return a small portion of the roughly $20 billion Google pays annually to be Apple's default search provider. Terms of the tie-up have not been disclosed, but Bloomberg previously reported that Apple was planning to pay about $1 billion per year to utilize Google's AI technology.

We have started choosing candidates for our annual worst CEO list, and Evan Spiegel of Snap Inc. ( NYSE: SNAP) is the next candidate. An all-time winner will be selected later in the year. Before looking at the past year, it is worth remembering that Spiegel has been chief executive of Snap since 2011. Snap shares are down 84% in the past five years, 36% in the past year, and 27% year to date. His net worth, in the meantime, is approximately $2.5 billion.

Shares of Snap (NYSE: SNAP) are up just over 15%, or $1.13 a share. All after the company reported strong revenue that was above expectations, it said it would buy back $500 million worth of stock, and noted that Perplexity AI will pay it $400 million to integrate its AI search features into Snap. Revenue of $1.51 billion was above estimates of $1.49 billion. Global daily active users jumped to 477 million, as compared to estimates of 476 million.

A key part of the OpenAI and Microsoft partnership hinges on the startup achieving AGI, affecting Microsoft's financial benefits from OpenAI until that point.

OpenAI has considered filing an antitrust complaint against Microsoft, arguing it suppresses competition by leveraging its dominant market position and contractual power.