Apple needs to release GenAI services soon — or risk Nvidia overtaking it in value, analyst says. The prediction comes as Apple suffers a decline in iPhone sales in China. Apple is shifting its focus further towards generative AI after killing its electric car project. One key reason Apple may need to ramp up its generative AI efforts is because of iPhone sales headwinds. Leaders of the project reportedly said it nixed the car so employees on that team could instead work on generative AI.

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Persons: —, Chi Kuo, Apple, Kuo, catchup, Tesla, Tim Cook hasn't, Microsoft's GitHub, Cook, Kuo didn't Organizations: Nvidia, Apple, Service, Twitter, Google, Counterpoint Research, Huawei, Microsoft, Bloomberg Locations: China