Apple is open to M&A to accelerate its AI strategy, and says it's made seven acquisitions this year so far.

The new round is being led by Iconiq Capital, with the possibility of a co-lead investor joining.

People are downloading and spending money on Gen AI apps more than ever.

Apple is open to M&A to accelerate its AI strategy, and says it's made seven acquisitions this year so far.

The rate of iPhone sales growth has accelerated too. This uptick in sales might be temporary, though.

"The way that we look at AI is that it's one of the most profound technologies of our lifetime" Cook said. "It will affect all devices in a significant way."

Apple CEO Tim Cook held an hourlong all-hands meeting in which he told employees that the company needs to win in AI: "Apple must do this. Apple will do this."