Apple faces $1.1 billion tariff hit this quarter; Tim Cook bets on AI to offset impact

Apple CEO Tim Cook said the company will take a $1.1 billion hit this quarter due to Trump-era tariffs, even as App Store revenue surged in double digits last quarter despite regulatory pressure from the European Union and other global authorities.

Following the earnings call, Cook addressed employees at an internal gathering, outlining Apple’s expanding artificial intelligence (AI) strategy, according to a Bloomberg report. “We’ve rarely been first. But Apple invented the modern versions of existing product categories. This is how I feel about…