01:37 PM EDT, 05/13/2024 (MT Newswires) -- Apple ( AAPL ) and Microsoft ( MSFT ) -backed OpenAI seem to be nearing a deal offering prospects for a rollout of next-level Siri technology for complex tasks, Wedbush said Monday in a report.

"While Apple ( AAPL ) has been in discussions with Google AI partnership for Gemini, the golden goose for Cook and Cupertino was to have exclusive OpenAI and ChatGPT powered AI features in iOS 18 and ultimately embedded in the upcoming iPhone 16 launch this September," the report said

Integrating the OpenAI chatbox into the iPhone 16 will attract developers to the Apple ( AAPL ) system, bolstering growth opportunities, the report said.

The collaboration may be unveiled formally at Apple's ( AAPL ) Worldwide Developers Conference in June, Wedbush said

Apple ( AAPL ) may secure exclusive rights to several advanced AI features from OpenAI for the iPhone, which will be central to Apple's ( AAPL ) broader AI strategy for the iPhone 16 and iOS 18 with advanced features to be introduced as a separate subscription service, Wedbush said.

Wedbush maintained its outperform rating on Apple ( AAPL ) and the $250 price target.

Shares of Apple ( AAPL ) rose 2% in recent trading Friday. Microsoft ( MSFT ) gained 0.1%.

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