Jim Cramer Says “For the Longest Time, We Questioned Apple’s Ambitions in the AI Space”

Apple Inc. (NASDAQ:AAPL) was among the stocks Jim Cramer discussed on Mad Money, along with the recent sell-off in the market. Cramer believes “Siri’s going to get smart,” as he stated:

For now, let’s just say you’re looking at a market that’s hostage to interest rates and high oil, coupled with a monster amount of new stock offering and new stock coming through the pipeline that can’t be bought unless investors sell something else. In order to do this, you gotta [sell, sell, sell]… And boy, are people doing it. So we’re in… a toxic stew. But then we have to say to yourself, because that’s real gloomy, is it bad for everybody? And the answer is, as is often the case, no, it’s not. For instance, it’s not bad for Apple, which not only doesn’t need to raise tens of billions of dollars for its AI ambitions, it’s actually piggybacking off of Alphabet and getting them to pay for the piggyback.

That’s what happens when you have more than 2.5 billion active devices, and your audience is too juicy for a competitive chatbot to pass up. They need to connect with Apple’s peeps. Lots of people seem unhappy with Siri. Maybe, we tune in and watch Apple Worldwide Developers Conference on Monday… I think Siri’s going to get smart. For the longest time, we questioned Apple’s ambitions in the AI space. Why weren’t they spending more money? Why aren’t they hiring more talent? Did you switch to Samsung because of that? Alright, turns out they were probably right to stay on the sidelines because the cost of this build-out is insane. It’s a big reason why the stock’s been flying while the buyers of big tech are getting crushed, and we have to start thinking, can they really keep the spending up?

Apple Inc. (NASDAQ:AAPL) manufactures and sells devices such as the iPhone, Mac, iPad, along with its line-up of wearables and accessories. The devices are supported by the company’s app ecosystem, AppleCare, and cloud tools.

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