<p><strong>蘋果</strong>(AAPL 4.24%) 是一個弱者嗎？對於一家市值約為 3.3 萬億美元、銷售額幾乎肯定會超過 4000 億美元的公司來説，這似乎是個愚蠢的問題。然而，許多投資者將蘋果視為在一個關鍵領域的弱者：人工智能 (AI)。</p>
<p>不過，最近有傳言稱，蘋果可能正在大力投資開發 AI 眼鏡，並考慮進行一項重大與 AI 相關的收購。如果蘋果能強調這兩個故事，可能會緩解投資者的擔憂。然而，蘋果的高管在其 AI 眼鏡戰略和任何收購計劃上仍然保持沉默。這是管理層的戰略天才，還是對投資者的警告信號？</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>圖片來源：Getty Images。</p>
<h2>在庫比蒂諾保持低調</h2>
<p><strong>花旗</strong> 分析師 Atif Malik 在 7 月 31 日的蘋果 2025 財年第三季度財報電話會議上給蘋果 CEO 蒂姆·庫克提供了一個很好的機會，讓他評論公司的 AI 眼鏡戰略。他首先提到 <strong>Meta Platforms</strong> 和 <strong>小米</strong> 在 AI 眼鏡方面所享有的勢頭。Malik 隨後問庫克，蘋果是否考慮在其他設備中使用其 Vision Pro 混合現實耳機的技術。</p>
<p>庫克的回應是否令人滿意？對許多投資者來説，更像是一次揮棒未中。他首先讚揚了 visionOS 的最新發布，這是 Vision Pro 的操作系統。然而，庫克對 Vision Pro 的未來只表示，公司仍然 “非常專注於此”。他補充道：“我不想談論具體的路線圖，但這是我們非常相信的一個領域。”</p>
<p>Malik 也是電話會議上唯一提到潛在 AI 相關收購的分析師。他向蘋果 CFO Kevan Parekh 提問：“你覺得需要加速你的 AI 路線圖，還是繼續保持有機發展？”</p>
<p>庫克插話回答，而不是 Parekh。他指出，蘋果在 2025 年已經收購了七家公司，儘管並非所有公司都與 AI 相關。然而，任何希望獲得蘋果即將達成重大 AI 交易暗示的人，可能會感到失望。</p>
<p>公平地説，庫克確實表示：“我們對加速我們路線圖的併購持開放態度。我們並不侷限於某個規模的公司，儘管我們今年迄今為止收購的公司規模都較小。” 但他迅速補充道，管理層今天 “沒有具體的分享內容”。</p>
<h2>投資者應該如何看待蘋果的 AI 沉默？</h2>
<p>蘋果真的在 AI 競賽中落後於其他幾家科技巨頭嗎？我認為答案顯然是 “是的”。蘋果智能中的生成 AI 功能並沒有像許多投資者預期的那樣令人印象深刻。Siri 更新的延遲對公司來説也相當尷尬。</p>
<p>然而，我不會説蘋果在其 AI 眼鏡開發計劃或 AI 相關收購可能性上的沉默是一個警告信號。該公司歷來對開發中的產品保持沉默，直到它們幾乎準備好推出。而在潛在的業務發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會進入這個領域。</p>
<p>另一方面，我並不一定會稱蘋果的做法為一種聰明的策略。特別是，至少承認開發新 AI 設備（如眼鏡）在產品路線圖上是有益的。</p>
<p>庫克和他的團隊幾乎肯定知道其他科技 CEO 的言論。例如，Meta 的馬克·扎克伯格毫不掩飾地宣稱，眼鏡是 “AI 的理想形態”。谷歌及其母公司 <strong>Alphabet</strong> 的 CEO 桑達爾·皮查伊在公司最新的季度更新中表示，谷歌 “對我們在眼鏡上的投資感到非常興奮”，並將這些設備稱為 “一個令人興奮的新興類別”。</p>
<p>如果庫克發表類似的評論，這不會對蘋果的發展計劃造成傷害。然而，我懷疑這會平息一些緊張的投資者的情緒。</p>
<h2>關於蘋果 AI 未來的三項預測</h2>
<p>蘋果將如何處理 AI 眼鏡和交易？我有三個預測。</p>
<p>首先，正如傳聞所説，公司將開發 AI 眼鏡。在我看來，這些眼鏡的第一版將與 Ray-Ban Meta AI 眼鏡相當。但我預計蘋果會將 AI 眼鏡與 iPhone 集成，類似於它與 Apple Watch 的做法。這將是一個明智的策略，因為這可能會推動 iPhone 的銷售。</p>
<p>其次，我不認為蘋果會進行大規模的 AI 收購。僅僅因為庫克説蘋果並不 “侷限於某個規模的公司”，並不意味着他願意花費太多。蘋果迄今為止在交易上花費的最多是 30 億美元收購 Beats。我預測該公司不會收購 Perplexity，例如，後者最近的估值約為 180 億美元，蘋果收購的成本可能會更高。</p>
<p>我的第三個預測是我最有信心的：蘋果不會永遠是 AI 的弱者。公司的命運過於依賴這項技術。</p>

蘋果

<p>蘋果在其人工智能眼鏡戰略和潛在收購方面的沉默引發了投資者的疑問。儘管市場地位強勁，但首席執行官蒂姆·庫克在財政第三季度財報電話會議上的模糊回應讓許多人感到失望。分析師指出，蘋果在人工智能開發方面落後於競爭對手，特別是在生成式人工智能功能和 Siri 更新方面。雖然一些人將這種沉默視為警示信號，但另一些人認為這與蘋果歷史上在產品開發上保持低調的做法一致，直到接近發佈時才會透露。預測顯示，蘋果將開發與 iPhone 集成的人工智能眼鏡，但可能不會追求重大收購</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>蘋果</strong>(AAPL 4.24%) 是一個弱者嗎？對於一家市值約為 3.3 萬億美元、銷售額幾乎肯定會超過 4000 億美元的公司來説，這似乎是個愚蠢的問題。然而，許多投資者將蘋果視為在一個關鍵領域的弱者：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>不過，最近有傳言稱，蘋果可能正在大力投資開發 AI 眼鏡，並考慮進行一項重大與 AI 相關的收購。如果蘋果能強調這兩個故事，可能會緩解投資者的擔憂。然而，蘋果的高管在其 AI 眼鏡戰略和任何收購計劃上仍然保持沉默。這是管理層的戰略天才，還是對投資者的警告信號？</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>圖片來源：Getty Images。</p>
</div><h2>Playing it close to the vest in Cupertino</h2>
<div class="lb-trans"><h2>在庫比蒂諾保持低調</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> 分析師 Atif Malik 在 7 月 31 日的蘋果 2025 財年第三季度財報電話會議上給蘋果 CEO 蒂姆·庫克提供了一個很好的機會，讓他評論公司的 AI 眼鏡戰略。他首先提到 <strong>Meta Platforms</strong> 和 <strong>小米</strong> 在 AI 眼鏡方面所享有的勢頭。Malik 隨後問庫克，蘋果是否考慮在其他設備中使用其 Vision Pro 混合現實耳機的技術。</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>庫克的回應是否令人滿意？對許多投資者來説，更像是一次揮棒未中。他首先讚揚了 visionOS 的最新發布，這是 Vision Pro 的操作系統。然而，庫克對 Vision Pro 的未來只表示，公司仍然 “非常專注於此”。他補充道：“我不想談論具體的路線圖，但這是我們非常相信的一個領域。”</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 也是電話會議上唯一提到潛在 AI 相關收購的分析師。他向蘋果 CFO Kevan Parekh 提問：“你覺得需要加速你的 AI 路線圖，還是繼續保持有機發展？”</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>庫克插話回答，而不是 Parekh。他指出，蘋果在 2025 年已經收購了七家公司，儘管並非所有公司都與 AI 相關。然而，任何希望獲得蘋果即將達成重大 AI 交易暗示的人，可能會感到失望。</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>公平地説，庫克確實表示：“我們對加速我們路線圖的併購持開放態度。我們並不侷限於某個規模的公司，儘管我們今年迄今為止收購的公司規模都較小。” 但他迅速補充道，管理層今天 “沒有具體的分享內容”。</p>
</div><h2>What should investors make of Apple's AI silence?</h2>
<div class="lb-trans"><h2>投資者應該如何看待蘋果的 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>蘋果真的在 AI 競賽中落後於其他幾家科技巨頭嗎？我認為答案顯然是 “是的”。蘋果智能中的生成 AI 功能並沒有像許多投資者預期的那樣令人印象深刻。Siri 更新的延遲對公司來説也相當尷尬。</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，我不會説蘋果在其 AI 眼鏡開發計劃或 AI 相關收購可能性上的沉默是一個警告信號。該公司歷來對開發中的產品保持沉默，直到它們幾乎準備好推出。而在潛在的業務發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會進入這個領域。</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，我並不一定會稱蘋果的做法為一種聰明的策略。特別是，至少承認開發新 AI 設備（如眼鏡）在產品路線圖上是有益的。</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>庫克和他的團隊幾乎肯定知道其他科技 CEO 的言論。例如，Meta 的馬克·扎克伯格毫不掩飾地宣稱，眼鏡是 “AI 的理想形態”。谷歌及其母公司 <strong>Alphabet</strong> 的 CEO 桑達爾·皮查伊在公司最新的季度更新中表示，谷歌 “對我們在眼鏡上的投資感到非常興奮”，並將這些設備稱為 “一個令人興奮的新興類別”。</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>如果庫克發表類似的評論，這不會對蘋果的發展計劃造成傷害。然而，我懷疑這會平息一些緊張的投資者的情緒。</p>
</div><h2>Three predictions about Apple's AI future</h2>
<div class="lb-trans"><h2>關於蘋果 AI 未來的三項預測</h2>
</div><p>What will Apple do regarding AI glasses and deals? I have three predictions.</p>
<div class="lb-trans"><p>蘋果將如何處理 AI 眼鏡和交易？我有三個預測。</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，正如傳聞所説，公司將開發 AI 眼鏡。在我看來，這些眼鏡的第一版將與 Ray-Ban Meta AI 眼鏡相當。但我預計蘋果會將 AI 眼鏡與 iPhone 集成，類似於它與 Apple Watch 的做法。這將是一個明智的策略，因為這可能會推動 iPhone 的銷售。</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，我不認為蘋果會進行大規模的 AI 收購。僅僅因為庫克説蘋果並不 “侷限於某個規模的公司”，並不意味着他願意花費太多。蘋果迄今為止在交易上花費的最多是 30 億美元收購 Beats。我預測該公司不會收購 Perplexity，例如，後者最近的估值約為 180 億美元，蘋果收購的成本可能會更高。</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>我的第三個預測是我最有信心的：蘋果不會永遠是 AI 的弱者。公司的命運過於依賴這項技術。</p>
</div>

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

- 蘋果在人工智能領域被視為 “黑馬”，儘管市值達 3.3 萬億美元。  
- 近期傳聞稱蘋果可能在開發 AI 眼鏡並考慮重大收購，但高管對此保持沉默。  
- 分析師認為蘋果在 AI 競爭中落後，但未來可能會推出 AI 眼鏡。

蘋果在 AI 眼鏡和相關交易上的沉默：是戰略天才還是對投資者的警示信號？