Major Bank Ratings | JPMorgan: Maintains Apple "Overweight" Rating, Collaboration with Google Boosts AI Upgrades

Glonghui, January 14th — JPMorgan released a research report, maintaining its "Overweight" rating on Apple and stating that the multi-year partnership agreement reached with Google will help Apple accelerate its AI development. According to the agreement, Google's Gemini AI model will be integrated into Apple products as its core foundational model, supporting intelligent features (Apple Intelligence) and applications, including an upgraded Siri. This technology will rely entirely on on-device computation and Apple's private cloud to provide underlying computing power. The bank noted that this collaboration meets market expectations and boosts market confidence. The partnership with Google will help Apple launch a series of upgraded AI features as scheduled in 2026, including an enhanced version of Siri. Additionally, the bank emphasized that Apple focuses on maintaining reasonable capital intensity while advancing its AI roadmap, avoiding massive scaling of computing resources to overcome technical bottlenecks. This strategy will contribute to its long-term stable development.