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Meanwhile, Apple and Meta announced a collaboration that will allow developers to run Muse Spark on Apple desktops. Former Apple CEO Tim Cook and Mark Zuckerberg have been at odds for years, but has a new era dawned now that John Turnus is at the helm? We're connected with Dan Ives, partner and senior managing director of Yorkville Advisors.
Dan, it's nice to see you. It's good when a company can start over with a clean slate because a new CEO has arrived. What do you think this means? What other partnerships could they have in the future? Yes, I think this is just the first of many potential partnerships between them, because they both need each other.
If you think about what happened with Anthropic and OpenAI, it actually brings these two giants closer together. And I think the hardware integration that we're seeing with Muse is something that's going to accelerate over the next 12 to 18 months, because these companies need each other. I think Ternus understands this, and it's very smart.
You just need to take off the bandage and move on. And I believe this is just the beginning of a large-scale collaboration between Meta and Apple. Dan, does this close the door for other companies to work with Apple, or is the field now open? Yes, Guy, I would say that maybe not officially, but unofficially, I think it blocks them.
I think this really shows that Apple is going to make a pretty big bet on Meta. But it all comes down to Muse, which is why it's so important, because this technology, in my opinion, has changed the rules of the AI game. They understand that now is the time for this, especially after conflicts with OpenAI and others, and this is effectively the beginning of the AI era for Apple .
Dan, when I think about AI and what's been happening in technology over the last year, Apple does n't come to mind. However, Apple has outperformed the Nasdaq by 18 points for the year. I guess my question to you is: what does the market see that most people, except you, are not so sure about? And do you think that the discussion of a new product that has appeared in recent days, Apple Home, will change the situation?
Again , AI-powered home products. Yes, that's a great point. I know, we've been talking about this on air, you know, for the last 6 months. Is everything okay with Apple, or are they late to the AI party ? Without a doubt. They have stumbled in recent years. But when you have 1.5 billion iPhones and 2.5 billion iOS devices—that's a " golden" user base.
I mean, they will essentially become toll collectors on the consumer AI highway. We estimate that 20% of consumers worldwide will eventually access AI through Apple devices. This is what the market sees . Along with services, we believe AI and monetization will add an additional $75 per share to Apple's story.
I mean, Apple has benefited from not being part of this AI complex in recent days. And I just wanted to get your thoughts on what's happening with Coreweave and some of the investor concerns about the ability to fund this development. We heard comments from Broadcom CEO Hock Tan, who believes that one of the limiting factors for development may be access to capital.
David Solomon said not everyone with a chip in a data center will have access to cheap capital. Are we at the point where we should start questioning the ability to fund this? Yes, financing, especially considering profitability, will be a risk factor, but I keep coming back to demand. I literally just flew in from Korea, and there the demand for memory chips exceeds the supply by 13 times.
And as that develops, combined with what we'll see in the earnings reports from hyperscalers, Coreweave's order book is just huge. So I won't ...there will be pressure, but I think the market has overreacted here. I view this as similar to the fears of a “SaaS apocalypse” that we are currently witnessing.
I just think these are buying opportunities for some of these names when you look at Nvidia, Coreweave and other companies in the technology sector. Dane Ives, Karen, thank you for joining . So, let me go back to what you said, which is the $75 figure that you mentioned. How did you come to this? Tell me, what are the calculations behind this?
What do you think about this ? Yes, my view is this: 15% of additional revenue from services in the coming years will be provided thanks to AI. When you think about developers, the heart and lungs of Apple, the monetization story is just beginning, given their ability to monetize this install base as developers use this as a platform.
It also shows what they're doing with Muse. I think the market is generally underestimating services revenue, probably by about 15% in the coming years. And I think that will be the story of Apple's monetization in services.
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