Amazon and Apple raked in nearly £200billion of revenue in just three months as they continued their push into artificial intelligence (AI).
In a bumper week for US tech, Amazon reported an 11 per cent rise in sales to £123billion for the three months to the end of September, as Apple posted a 6 per cent jump in the same period to £73.6billion.
It came after Microsoft and Meta warned they were forking out more for 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 posted a 6% jump over the same period (to £73.6bn)
Amazon profits grew 55 per cent to £11.9billion while Apple profits fell 35 per cent to £11.4billion due to a European court ruling it must pay more than £11billion in taxes.
Apple’s AI tools for the iPhone were launched for some users this week, while Amazon has a generative AI expert shopping assistant called Rufus.
Amazon president Andy Jassy said ‘there’s so much more coming’ with new AI capabilities to be announced in December.
Apple boss Tim Cook said its Apple Intelligence ‘sets a new standard for privacy in AI and supercharges our lineup heading into the holiday season’.
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