Ahead of its call, the company also shared in an interview with CNBC that it’s planning to “significantly grow” its AI investments and is open to M&A to accelerate its AI plans. The company also noted that it has already acquired seven companies this year. None was “huge” in terms of dollar amount, Cook said.

Apple’s goal of ‘embedding’ AI across its devices could involve teaming up with another company.

Despite recent criticism about its product outlook, the company reported strong sales of iPhones, Macs, iPads and services.