<p><strong>苹果</strong>(AAPL 4.24%) 是一个弱者吗？对于一家市值约为 3.3 万亿美元、销售额几乎肯定会超过 4000 亿美元的公司来说，这似乎是个愚蠢的问题。然而，许多投资者将苹果视为在一个关键领域的弱者：人工智能 (AI)。</p>
<p>不过，最近有传言称，苹果可能正在大力投资开发 AI 眼镜，并考虑进行一项重大与 AI 相关的收购。如果苹果能强调这两个故事，可能会缓解投资者的担忧。然而，苹果的高管在其 AI 眼镜战略和任何收购计划上仍然保持沉默。这是管理层的战略天才，还是对投资者的警告信号？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg1NDIvbGlnaHQtYnVsYi1xdWVzdGlvbi1tYXJrcy13b21hbi5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg1NDIvbGlnaHQtYnVsYi1xdWVzdGlvbi1tYXJrcy13b21hbi5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>在库比蒂诺保持低调</h2>
<p><strong>花旗</strong> 分析师 Atif Malik 在 7 月 31 日的苹果 2025 财年第三季度财报电话会议上给苹果 CEO 蒂姆·库克提供了一个很好的机会，让他评论公司的 AI 眼镜战略。他首先提到 <strong>Meta Platforms</strong> 和 <strong>小米</strong> 在 AI 眼镜方面所享有的势头。Malik 随后问库克，苹果是否考虑在其他设备中使用其 Vision Pro 混合现实耳机的技术。</p>
<p>库克的回应是否令人满意？对许多投资者来说，更像是一次挥棒未中。他首先赞扬了 visionOS 的最新发布，这是 Vision Pro 的操作系统。然而，库克对 Vision Pro 的未来只表示，公司仍然 “非常专注于此”。他补充道：“我不想谈论具体的路线图，但这是我们非常相信的一个领域。”</p>
<p>Malik 也是电话会议上唯一提到潜在 AI 相关收购的分析师。他向苹果 CFO Kevan Parekh 提问：“你觉得需要加速你的 AI 路线图，还是继续保持有机发展？”</p>
<p>库克插话回答，而不是 Parekh。他指出，苹果在 2025 年已经收购了七家公司，尽管并非所有公司都与 AI 相关。然而，任何希望获得苹果即将达成重大 AI 交易暗示的人，可能会感到失望。</p>
<p>公平地说，库克确实表示：“我们对加速我们路线图的并购持开放态度。我们并不局限于某个规模的公司，尽管我们今年迄今为止收购的公司规模都较小。” 但他迅速补充道，管理层今天 “没有具体的分享内容”。</p>
<h2>投资者应该如何看待苹果的 AI 沉默？</h2>
<p>苹果真的在 AI 竞赛中落后于其他几家科技巨头吗？我认为答案显然是 “是的”。苹果智能中的生成 AI 功能并没有像许多投资者预期的那样令人印象深刻。Siri 更新的延迟对公司来说也相当尴尬。</p>
<p>然而，我不会说苹果在其 AI 眼镜开发计划或 AI 相关收购可能性上的沉默是一个警告信号。该公司历来对开发中的产品保持沉默，直到它们几乎准备好推出。而在潜在的业务发展交易上保持沉默是明智的，尤其是如果有可能其他大玩家会进入这个领域。</p>
<p>另一方面，我并不一定会称苹果的做法为一种聪明的策略。特别是，至少承认开发新 AI 设备（如眼镜）在产品路线图上是有益的。</p>
<p>库克和他的团队几乎肯定知道其他科技 CEO 的言论。例如，Meta 的马克·扎克伯格毫不掩饰地宣称，眼镜是 “AI 的理想形态”。谷歌及其母公司 <strong>Alphabet</strong> 的 CEO 桑达尔·皮查伊在公司最新的季度更新中表示，谷歌 “对我们在眼镜上的投资感到非常兴奋”，并将这些设备称为 “一个令人兴奋的新兴类别”。</p>
<p>如果库克发表类似的评论，这不会对苹果的发展计划造成伤害。然而，我怀疑这会平息一些紧张的投资者的情绪。</p>
<h2>关于苹果 AI 未来的三项预测</h2>
<p>苹果将如何处理 AI 眼镜和交易？我有三个预测。</p>
<p>首先，正如传闻所说，公司将开发 AI 眼镜。在我看来，这些眼镜的第一版将与 Ray-Ban Meta AI 眼镜相当。但我预计苹果会将 AI 眼镜与 iPhone 集成，类似于它与 Apple Watch 的做法。这将是一个明智的策略，因为这可能会推动 iPhone 的销售。</p>
<p>其次，我不认为苹果会进行大规模的 AI 收购。仅仅因为库克说苹果并不 “局限于某个规模的公司”，并不意味着他愿意花费太多。苹果迄今为止在交易上花费的最多是 30 亿美元收购 Beats。我预测该公司不会收购 Perplexity，例如，后者最近的估值约为 180 亿美元，苹果收购的成本可能会更高。</p>
<p>我的第三个预测是我最有信心的：苹果不会永远是 AI 的弱者。公司的命运过于依赖这项技术。</p>

苹果

<p>苹果在其人工智能眼镜战略和潜在收购方面的沉默引发了投资者的疑问。尽管市场地位强劲，但首席执行官蒂姆·库克在财政第三季度财报电话会议上的模糊回应让许多人感到失望。分析师指出，苹果在人工智能开发方面落后于竞争对手，特别是在生成式人工智能功能和 Siri 更新方面。虽然一些人将这种沉默视为警示信号，但另一些人认为这与苹果历史上在产品开发上保持低调的做法一致，直到接近发布时才会透露。预测显示，苹果将开发与 iPhone 集成的人工智能眼镜，但可能不会追求重大收购</p>

<p>Is <strong>Apple</strong>(AAPL 4.24%) an underdog? That might seem like a silly question to ask about a company with a market cap of roughly $3.3 trillion and sales that will almost certainly top $400 billion this year. However, many investors view Apple as an underdog in a critical arena: artificial intelligence (AI).</p>
<div class="lb-trans"><p><strong>苹果</strong>(AAPL 4.24%) 是一个弱者吗？对于一家市值约为 3.3 万亿美元、销售额几乎肯定会超过 4000 亿美元的公司来说，这似乎是个愚蠢的问题。然而，许多投资者将苹果视为在一个关键领域的弱者：人工智能 (AI)。</p>
</div><p>Rumors have floated recently, though, that Apple could be investing heavily in developing AI glasses and is considering a major AI-related acquisition. The company could probably nip investors' concerns if it played up either story. However, Apple's executives remain largely silent on its AI glasses strategy and any acquisition plans. Is that strategic genius on management's part or a warning sign for investors?</p>
<div class="lb-trans"><p>不过，最近有传言称，苹果可能正在大力投资开发 AI 眼镜，并考虑进行一项重大与 AI 相关的收购。如果苹果能强调这两个故事，可能会缓解投资者的担忧。然而，苹果的高管在其 AI 眼镜战略和任何收购计划上仍然保持沉默。这是管理层的战略天才，还是对投资者的警告信号？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg1NDIvbGlnaHQtYnVsYi1xdWVzdGlvbi1tYXJrcy13b21hbi5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F828542%2Flight-bulb-question-marks-woman.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Playing it close to the vest in Cupertino</h2>
<div class="lb-trans"><h2>在库比蒂诺保持低调</h2>
</div><p><strong>Citi</strong> analyst Atif Malik gave Apple CEO Tim Cook a great opportunity to comment on the company's AI glasses strategy during Apple's fiscal 2025 third-quarter earnings call on July 31. He first noted the momentum that <strong>Meta Platforms</strong> and <strong>Xiaomi</strong> are enjoying with their AI glasses. Malik then asked Cook if Apple was considering using the technology from its Vision Pro mixed-reality headset in other devices.</p>
<div class="lb-trans"><p><strong>花旗</strong> 分析师 Atif Malik 在 7 月 31 日的苹果 2025 财年第三季度财报电话会议上给苹果 CEO 蒂姆·库克提供了一个很好的机会，让他评论公司的 AI 眼镜战略。他首先提到 <strong>Meta Platforms</strong> 和 <strong>小米</strong> 在 AI 眼镜方面所享有的势头。Malik 随后问库克，苹果是否考虑在其他设备中使用其 Vision Pro 混合现实耳机的技术。</p>
</div><p>Did Cook hit the ball out of the park with his response? For many investors, it was more like a swing and a miss. He first praised the latest release of visionOS, the operating system for Vision Pro. All Cook would say about the future of Vision Pro, though, is that the company is still &#34;very focused on it.&#34; He added, &#34;I don't want to get into the roadmap on it, but this is an area that we really believe in.&#34;</p>
<div class="lb-trans"><p>库克的回应是否令人满意？对许多投资者来说，更像是一次挥棒未中。他首先赞扬了 visionOS 的最新发布，这是 Vision Pro 的操作系统。然而，库克对 Vision Pro 的未来只表示，公司仍然 “非常专注于此”。他补充道：“我不想谈论具体的路线图，但这是我们非常相信的一个领域。”</p>
</div><p>Malik was also the only analyst on the call to bring up potential AI-related acquisitions. Addressing his question to Apple CFO Kevan Parekh, he asked, &#34;Do you feel like you need to accelerate your AI roadmap or just keep the organic focus?&#34;</p>
<div class="lb-trans"><p>Malik 也是电话会议上唯一提到潜在 AI 相关收购的分析师。他向苹果 CFO Kevan Parekh 提问：“你觉得需要加速你的 AI 路线图，还是继续保持有机发展？”</p>
</div><p>Cook jumped in to reply instead of Parekh. He noted that Apple had acquired seven companies in 2025 already, although not all of them were related to AI. Anyone hoping for a hint that Apple was on the verge of a significant AI deal, however, was probably disappointed.</p>
<div class="lb-trans"><p>库克插话回答，而不是 Parekh。他指出，苹果在 2025 年已经收购了七家公司，尽管并非所有公司都与 AI 相关。然而，任何希望获得苹果即将达成重大 AI 交易暗示的人，可能会感到失望。</p>
</div><p>To be fair, Cook did state: &#34;We're very open to M&amp;A [mergers and acquisitions] that accelerates our roadmap. We are not stuck on a certain size company, although the ones that we have acquired thus far this year are small in nature.&#34; But he quickly added that management didn't &#34;have anything to share specifically today.&#34;</p>
<div class="lb-trans"><p>公平地说，库克确实表示：“我们对加速我们路线图的并购持开放态度。我们并不局限于某个规模的公司，尽管我们今年迄今为止收购的公司规模都较小。” 但他迅速补充道，管理层今天 “没有具体的分享内容”。</p>
</div><h2>What should investors make of Apple's AI silence?</h2>
<div class="lb-trans"><h2>投资者应该如何看待苹果的 AI 沉默？</h2>
</div><p>Is Apple really behind several other technology giants in the AI race? I think the answer is clearly &#34;yes.&#34; The generative AI features in Apple Intelligence weren't as impressive as many investors expected. The delays in launching an update for Siri have also been embarrassing for the company.</p>
<div class="lb-trans"><p>苹果真的在 AI 竞赛中落后于其他几家科技巨头吗？我认为答案显然是 “是的”。苹果智能中的生成 AI 功能并没有像许多投资者预期的那样令人印象深刻。Siri 更新的延迟对公司来说也相当尴尬。</p>
</div><p>However, I wouldn't say that Apple's silence on its development plans for AI glasses or the possibility of AI-related acquisitions is a warning sign. The company has historically said very little about products in development until they're nearly ready to roll out. And staying quiet on potential business development deals is prudent, especially if there's a possibility that another big player could enter the picture.</p>
<div class="lb-trans"><p>然而，我不会说苹果在其 AI 眼镜开发计划或 AI 相关收购可能性上的沉默是一个警告信号。该公司历来对开发中的产品保持沉默，直到它们几乎准备好推出。而在潜在的业务发展交易上保持沉默是明智的，尤其是如果有可能其他大玩家会进入这个领域。</p>
</div><p>On the other hand, I wouldn't necessarily call Apple's approach a brilliant strategy. In particular, it wouldn't hurt to at least acknowledge that developing new AI devices, such as glasses, was on the product roadmap.</p>
<div class="lb-trans"><p>另一方面，我并不一定会称苹果的做法为一种聪明的策略。特别是，至少承认开发新 AI 设备（如眼镜）在产品路线图上是有益的。</p>
</div><p>Cook and his team are almost certainly aware of what other tech CEOs are saying. For example, Meta's Mark Zuckerberg has unabashedly proclaimed that glasses are &#34;the ideal form factor for AI.&#34; Sundar Pichai, who is CEO of both Google and its parent, <strong>Alphabet</strong>, said in his company's latest quarterly update that Google is &#34;super excited about our investment in glasses&#34; and referred to the devices as &#34;an exciting new emerging category.&#34;</p>
<div class="lb-trans"><p>库克和他的团队几乎肯定知道其他科技 CEO 的言论。例如，Meta 的马克·扎克伯格毫不掩饰地宣称，眼镜是 “AI 的理想形态”。谷歌及其母公司 <strong>Alphabet</strong> 的 CEO 桑达尔·皮查伊在公司最新的季度更新中表示，谷歌 “对我们在眼镜上的投资感到非常兴奋”，并将这些设备称为 “一个令人兴奋的新兴类别”。</p>
</div><p>If Cook made similar comments, it wouldn't harm Apple's development plans. However, I suspect it would calm the nerves of some jittery investors.</p>
<div class="lb-trans"><p>如果库克发表类似的评论，这不会对苹果的发展计划造成伤害。然而，我怀疑这会平息一些紧张的投资者的情绪。</p>
</div><h2>Three predictions about Apple's AI future</h2>
<div class="lb-trans"><h2>关于苹果 AI 未来的三项预测</h2>
</div><p>What will Apple do regarding AI glasses and deals? I have three predictions.</p>
<div class="lb-trans"><p>苹果将如何处理 AI 眼镜和交易？我有三个预测。</p>
</div><p>First, the company will, as rumored, develop AI glasses. The first version of those glasses will be comparable to the Ray-Ban Meta AI glasses, in my view. But I expect Apple to integrate the AI glasses with iPhone along the lines of what it has done with Apple Watch. That would be a smart strategy because it could boost iPhone sales.</p>
<div class="lb-trans"><p>首先，正如传闻所说，公司将开发 AI 眼镜。在我看来，这些眼镜的第一版将与 Ray-Ban Meta AI 眼镜相当。但我预计苹果会将 AI 眼镜与 iPhone 集成，类似于它与 Apple Watch 的做法。这将是一个明智的策略，因为这可能会推动 iPhone 的销售。</p>
</div><p>Second, I don't look for Apple to make a huge AI acquisition. Just because Cook said that Apple isn't &#34;stuck on a certain size company&#34; doesn't mean he's willing to spend too much. The most Apple has ever spent on a deal was $3 billion for the purchase of Beats. I predict that the company won't acquire Perplexity, for example, which was recently valued at around $18 billion and would likely cost a lot more for Apple to buy.</p>
<div class="lb-trans"><p>其次，我不认为苹果会进行大规模的 AI 收购。仅仅因为库克说苹果并不 “局限于某个规模的公司”，并不意味着他愿意花费太多。苹果迄今为止在交易上花费的最多是 30 亿美元收购 Beats。我预测该公司不会收购 Perplexity，例如，后者最近的估值约为 180 亿美元，苹果收购的成本可能会更高。</p>
</div><p>My third prediction is the one I'm most confident about: Apple won't be an AI underdog forever. The company's fortunes hinge too much on the technology.</p>
<div class="lb-trans"><p>我的第三个预测是我最有信心的：苹果不会永远是 AI 的弱者。公司的命运过于依赖这项技术。</p>
</div>

Apple's Silence on AI Glasses and Deals: Strategic Genius or Warning Sign for Investors?

- 苹果在人工智能领域被视为 “黑马”，尽管市值达 3.3 万亿美元。  
- 近期传闻称苹果可能在开发 AI 眼镜并考虑重大收购，但高管对此保持沉默。  
- 分析师认为苹果在 AI 竞争中落后，但未来可能会推出 AI 眼镜。

苹果在 AI 眼镜和相关交易上的沉默：是战略天才还是对投资者的警示信号？