Apple (AAPL) Company Report

Global smartphone shipments rose 4% YoY in 4Q25, supported by holiday demand and improved inventory discipline.
Apple captured 25% market share in 4Q25, its highest-ever fourth-quarter shipment volume, driven by strong demand for the iPhone 17 series.
Samsung followed with 18% share, Xiaomi held 11%, vivo 8%, and OPPO re-entered the top five with 8% share.
For full year 2025, global shipments grew 2% to 1.25 billion units, led by a stronger second half despite rising memory costs.
Tight DRAM supply and rising component costs are expected to constrain growth and shape vendor strategies in 2026.

4 days ago

Press Release

Apple confirms Gemini partnership to power Siri

AAPL

New Projects/Investments

Product Launch

Apple is entering a multi-year partnership with Google to use Gemini models and Google Cloud to power its Apple Foundation Models and next-generation Siri.
The integration aims to deliver personalized, context-aware assistant capabilities by running on-device and on Private Cloud Compute without compromising privacy commitments.
Industry reports estimate Apple may access a 1.2-trillion-parameter Gemini model and pay ~$1 billion per year, though financial terms are unconfirmed.
The revamped Siri is expected to support cross-app tasks and richer assistant actions, with a potential rollout in the spring iOS 26.4 update or later in 2026.

5 days ago

Bloomberg

Apple partners with Chase to become new issuer of Apple Card

AAPL

New Projects/Investments

Apple and Chase announced that Chase will replace Goldman Sachs as the issuer of Apple Card, with the transition expected in approximately 24 months.
Under the agreement, over $20 billion of existing Apple Card balances will move to Chase’s platform, pending regulatory approvals.
JPMorgan Chase expects to record a $2.2 billion provision for credit losses in 4Q 2025 related to its forward purchase commitment.
Mastercard will remain the Apple Card’s payment network, and users will continue to enjoy existing features, including up to 3 percent Daily Cash back and Apple Card Family.

Jan 7, 2026, 10:49 PM

Press Release

Apple shifts Apple Card issuance to JPMorgan Chase

AAPL

New Projects/Investments

JPMorgan Chase will replace Goldman Sachs as issuer of the Apple Card, moving roughly $20 billion of balances over about 24 months, subject to regulatory approval.
Goldman Sachs is selling the portfolio at a discount of more than $1 billion due to higher-than-average delinquencies and subprime exposure.
JPMorgan expects to record a $2.2 billion provision for credit losses tied to the forward purchase commitment.
Goldman will release about $2.48 billion in loan-loss reserves—boosting Q4 2025 earnings by roughly $0.46 per share—offset by a $2.26 billion markdown and $38 million in termination costs.
Mastercard remains the payment network, and Apple customers will retain core features like no fees and Daily Cash during the transition.

Jan 7, 2026, 10:48 PM

WSJ

Apple-backed Lyte emerges from stealth with $107M funding

AAPL

New Projects/Investments

Product Launch

Lyte launched a unified perception platform, LyteVision, integrating 4D sensing, RGB imaging, and motion awareness for robotics.
The startup secured $107 million in aggregate funding from investors including Fidelity, Atreides Management, Exor Ventures, and Avigdor Willenz’s group.
Founded by former Apple Face ID and Microsoft Kinect architects, Lyte addresses sensor integration challenges with a vertically integrated stack.
LyteVision was honored with a Best of Innovation Award in Robotics and an Honoree in Vehicle Tech and Advanced Mobility at CES 2026.

Jan 5, 2026, 11:22 PM

Press Release

Apple covered at Market Perform by Raymond James

AAPL

Guidance Update

Raymond James resumes coverage of Apple with a Market Perform rating, citing elevated valuation that limits near-term outperformance despite strong fundamentals
Firm pegs Apple at ~31× fiscal 2027 GAAP EPS, with an enterprise value of $4.12 trillion and net debt of $57.7 billion
Projects calendar-year 2025 iPhone revenue of $217 billion (vs. consensus $214 billion) and 238 million unit shipments (+4% YoY), with ~3% shipment growth in 2026 and 2027
Models Services to grow at a 13% CAGR from 2024–2027 to $143 billion (~29% of revenue by 2027, up from 26% in FY 2025) and forecasts fiscal 2026 revenue of $450.8 billion with GAAP EPS of $8.19

Jan 2, 2026, 6:19 AM

CNBC

Apple’s 2026 Siri Overhaul to Test AI Strategy

AAPL

Product Launch

Apple’s cautious AI strategy emphasizes on-device processing, privacy and tight hardware integration over large LLM investments.
Fully revamped Siri is slated for 2026, a critical test of whether Apple’s approach can compete with Google and OpenAI.
The company may partner with Google for LLM capabilities rather than build all models in-house.
Apple Intelligence features, free to users, will require an iPhone 15 Pro or newer to drive device upgrades.

Dec 30, 2025, 9:54 PM

CNBC

Apple enables alternative app distribution and payments in Japan

AAPL

Product Launch

Apple will allow iOS developers in Japan to distribute apps via authorized alternative marketplaces and process payments outside Apple In-App Purchase, applying a Notarization baseline review in iOS 26.2 for security.
For App Store transactions, developers can integrate alternative payment methods or web links, while Apple retains a 10 % or 21 % App Store commission, an additional 5 % processing fee, 15 % store services commission (10 % for certain programs), and a 5 % Core Technology Commission for off-Store apps.
To protect minors, Apple mandates parental gates for users under 18, prohibits transaction web links for users under 13, and disallows links in the Kids category.
iOS 26.2 in Japan adds browser and search engine choice, default navigation app settings, support for alternative browser engines, and voice-app side-button launch APIs.

Dec 18, 2025, 1:00 AM

Press Release

Apple faces potential loss of key chip executive

AAPL

Management Change

Executive Compensation

Johny Srouji has informed CEO Tim Cook he is seriously considering leaving Apple, a move that would significantly impact the company’s chip strategy.
Srouji has led Apple’s system-on-chip (SoC) development since around 2014, overseeing CPU, GPU, NPU, modem direction, packaging, and foundry negotiations with TSMC.
His potential exit follows a spate of senior departures and occurs amid intense competition for AI talent, particularly from Meta.
Apple has offered substantial compensation and even a potential chief technology officer role to retain him.

Dec 6, 2025, 5:55 PM

Bloomberg

Apple AI chief Giannandrea steps down, Subramanya named successor

AAPL

Management Change

Hiring

John Giannandrea, Apple’s Senior VP for Machine Learning and AI Strategy, is stepping down and will serve as an advisor until spring 2026.
Amar Subramanya, former Microsoft VP of AI and 16-year Google veteran, will become Apple’s Vice President of AI, reporting to Craig Federighi.
Subramanya will lead teams for foundational AI models, machine learning research, and AI safety as Apple aims to bolster its AI capabilities against competitors like OpenAI and Google.
The leadership change comes amid mixed reception and delays for Apple Intelligence and Siri enhancements, with improved Siri now postponed to 2026.

Dec 1, 2025, 10:57 PM

Bloomberg