Jim Cramer Discussed 9 Stocks Related to the AI Space

6. Apple Inc. (NASDAQ:AAPL)

Number of Hedge Fund Holders: 156

Apple Inc. (NASDAQ:AAPL) is one of the stocks related to the AI space that Jim Cramer discussed. Cramer highlighted how the company does not need its own AI strategy but can instead utilize other companies for the purpose. He remarked:

“Apple’s looking better and better because they opted out. They’re not trying to build the best chatbot, though they are working on improvements to Siri that should arrive by next spring… But overall, as far as I can see, this strategy is to do the same thing they did with search. Why not just let somebody else build it and then pay Apple for the privilege of being the default on all their devices?

Google reportedly pays them $20 billion per year to be the go-to search engine, which we now know was held up in court as a payment that was totally legit. I bet they can even get more for that from one of the hyperscalers that wants to be the go-to generative AI platform. There’s not that much difference between them. It would really help if they had Apple. At times, over the past couple years, Apple’s come under fire for not really seeming to have an AI strategy.

But as I said repeatedly, they don’t need one because they have an installed base of over 2.35 billion active devices, and any of the hyperscalers would happily pay up for access to that user base. Still one more reason why I always say Apple, own it, don’t trade it. Doesn’t hurt that these guys reported a magnificent quarter. Yet the stock ultimately didn’t get much credit for it, but it did run up in advance of the report.”

Apple Inc. (NASDAQ:AAPL) sells smartphones, computers, tablets, wearables, and accessories, in addition to providing cloud, support, and subscription-based digital services.