Apple (AAPL)

Consumer-device platform (iPhone/ecosystem) + on-device Apple Intelligence — the edge-AI + device-distribution giant

AI exposure 3% — derived from reported segment revenue, not asserted.

Where it sits

AI Platforms → Consumer AI & Device Platforms · figures rebased to Q3 FY2026, reported 2026-07-30

iPhone (Apple Intelligence on-device AI, A-series silicon) leads 5 businesses in this sub-tier that together are 100% of revenue, so Consumer AI & Device Platforms is effectively the whole company rather than one leg of it.

Reported segments

• iPhone — 49.6% of revenue
• Services — 28.1% of revenue
• Mac — 9.5% of revenue
• Wearables, Home & Accessories — 7.2% of revenue
• iPad — 5.7% of revenue

Apple ($109.4B Q3 FY2026, +16% YoY). iPhone 49.6% ($54.252B) = primary B6 Consumer AI & Device Platforms; Services 28.1% ($30.739B); Mac 9.5% ($10.352B); Wearables, Home & Accessories 7.2% ($7.883B); iPad 5.7% ($6.191B, the only decline). iPhone, Mac and Services each set June-quarter records. Apple runs AI on-device rather than selling AI infrastructure, so it consumes the chain rather than supplying it.

How the 3% is built

• iPhone — 49.6% of revenue × 3% AI-driven (disclosed). Apple Intelligence runs on-device on A-series silicon; it is a feature of the handset, not AI infrastructure sold
• Services — 28.1% of revenue × 3% AI-driven (disclosed). App Store and subscriptions with AI features embedded
• Mac — 9.5% of revenue × 2% AI-driven (disclosed). M-series silicon runs local inference for creative and developer workloads
• Wearables, Home & Accessories — 7.2% of revenue × 2% AI-driven (disclosed). Watch, AirPods and Vision Pro carry small on-device models
• iPad — 5.7% of revenue × 2% AI-driven (disclosed). The same on-device Apple Intelligence as the iPhone, at lower volume

Investment read

Moat. Device-ecosystem lock-in (iPhone + services + switching costs) + on-device-AI (Apple Intelligence) + silicon (Apple Silicon); the consumer-hardware + edge-AI moat.

Bottleneck / pricing power. Strong pricing power (ecosystem lock-in + premium pricing + services attach); AI is a device-upgrade + services driver, not a capex-dependent bet.

Role in the AI stack. The consumer-device + on-device-AI (edge) layer.

Connected companies

• Jabil (JBL) — AAPL is supplied by: Apple ~11% of revenue (FY24 10-K); Apple-casings Mobility unit divested to BYD Dec 2023, remaining Apple work much reduced
• Amkor Technology (AMKR) — AAPL is supplied by: advanced packaging/test — Apple ~29.8% of revenue
• Qorvo (QRVO) — AAPL is supplied by: RF front-end modules — Apple ~50% of QRVO sales
• Samsung Electronics (SSNLF) — AAPL competes with: Premium smartphones + consumer AI devices (iPhone/Apple Intelligence vs Galaxy AI)
• Meta Platforms (META) — AAPL competes with: AR/VR + smart glasses (Quest / Ray-Ban Meta vs Apple Vision)
• Microsoft (MSFT) — AAPL competes with: Personal computing — Windows/Surface vs Mac; consumer AI (Copilot vs Apple Intelligence)
• Dell Technologies (DELL) — AAPL competes with: client AI devices / AI PCs — Dell vs Apple (Mac)
• MP Materials (MP) — AAPL is supplied by: rare-earth magnets for Apple devices (MP-Apple magnet supply deal)
• Taiwan Semiconductor (TSM) — AAPL is supplied by: sole manufacturer of Apple A-series/M-series silicon (~25% of TSMC revenue; largest customer until NVIDIA overtook in 2026)
• Broadcom (AVGO) — AAPL is supplied by: RF/wireless components (FBAR filters, 5G RF) for iPhone under multibillion-dollar deal extended through 2031
• Qualcomm (QCOM) — AAPL is supplied by: modem chips for iPhone (transitioning to Apple in-house)
• SK Hynix (SKHY) — AAPL is supplied by: memory (DRAM/NAND) for Apple devices
• Arm Holdings (ARM) — AAPL is supplied by: Arm ISA/architecture license for Apple Silicon (A/M-series) under agreement extending beyond 2040
• Alphabet (GOOGL) — AAPL is supplied by: Google Gemini (custom ~1.2T-parameter model, reported ~$1B/yr) powers the rebuilt Siri AI Apple announced at WWDC26 (June 2026, inside the reported quarter) and referenced on the Q3 FY2026 call …

Others in Consumer AI & Device Platforms

• Tesla (TSLA)

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