Amazon and Apple generated nearly €240bn in revenue over three months as both tech giants expanded their focus on artificial intelligence (AI).
In a standout period for U.S. tech companies, Amazon posted an 11% increase in sales, reaching €146bn for the quarter ending in September, while Apple saw a 6% rise, bringing its revenue to €87.35bn.
The announcements followed updates from Microsoft and Meta, which both noted increased spending on AI infrastructure to meet rising demand.
Amazon’s profits surged 55% to €14.1bn, while Apple’s profits fell 35% to €13.5bn, impacted by a European court ruling requiring Apple to pay over €14bn in taxes.
This week, Apple launched new AI tools for iPhone for select users, and Amazon introduced “Rufus,” a generative AI-powered shopping assistant.
Amazon President Andy Jassy hinted at more AI advancements coming in December, saying, “there’s so much more coming.”
Apple CEO Tim Cook highlighted Apple Intelligence, describing it as setting “a …