“Ahead of a big AI push for Apple this year,” the company finalized an “under-the-radar acquisition,” Bloomberg reports. 

The buyout target? 

Canadian startup DarwinAI which has raised over $15 million in venture capital since 2107 and worked with companies including Intel and Lockheed Martin. 

“One of its core technologies is making artificial intelligence systems smaller and faster. That could be helpful to Apple, which is focused on running AI on devices,” says Bloomberg. 

“[Apple] is adding features to its iOS 18 software that rely on generative AI, the technology behind ChatGPT and other groundbreaking tools.”

Apple was characteristically tight-lipped about the acquisition of DarwinAI, saying only that it “buys smaller technology companies from time to time.” 

According to CEO Tim Cook, between the years 2015–2021, Apple acquired more than 100 such companies. 

Here’s a timeline of some notable acquisitions throughout Apple’s history…

Source: Forex.com

By 2022, Apple’s pace slowed dramatically to just two buyouts that year (including one company called AI Music). 

But the pace ticked up considerably when Apple “bought no less than 32 AI startups in 2023 alone, more than any other major tech company,” says Cult of Mac website. [Emphasis ours]

“Despite having acquired more AI companies than most rivals over the past decade,” Bloomberg notes, “Apple has fallen behind in the generative AI market… 

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Your Rundown for Wednesday, March 20, 2024...

“Project Graymatter” 

“[Apple] was caught flat-footed by the launch of OpenAI’s ChatGPT in 2022,” the article continues, “and tech peers like Google and Microsoft Corp. have stolen the spotlight with new features.”

Paradigm’s AI expert and iconoclast investor James Altucher comments: “Competition is the name of the game… Of course, Google has been developing its own AI model. It was all over the news the past few weeks.” 

You’ve probably heard how Google’s Gemini AI platform was deservedly roasted three weeks ago after users couldn’t produce AI-generated images of white faces. (Still not sure if that was a bug… or a feature?)

But early this week, we learned that Apple is negotiating to license Google’s Gemini AI engine into its iPhone iOS 18 update this fall. 

Not that Gemini would replace DarwinAI…

“Apple is on the verge of unveiling ‘Project Graymatter,’ a suite of generative AI features and services set to debut with iOS 18 this fall,” Benzinga says. 

“Apple’s potential integration of Google’s Gemini AI models into its new iPhone software features, combined with DarwinAI’s technology, could position Apple as a leader in personalized AI.” 

Market Rundown for Wednesday, March 20, 2024

The S&P 500 is slightly in the red at 5,175. 

Oil is down 1.60% to $82.20 for a barrel of WTI. 

Citing Kitco, gold is down 0.30% to $2,150.40 per ounce. 

Bitcoin’s down 2.5% to $63,000 at the time of writing. 

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