AAPL is down 1.3% on the news, while GOOGL is up 2%. Their phone offerings have diverged so dramatically with this last refresh cycle.
https://www.reuters.com/business/google-cloud-anticipates-le...
> Google Cloud revealed Tuesday it has lined up about $58 billion in new revenue over the next two years as it vies to become a more central component of the tech giant's future.
> The company said during its July earnings that the cloud division had surpassed a $50 billion annual revenue run rate. Google Cloud's backlog of non-recognized sales contracts is growing even faster than its revenue, unit chief Thomas Kurian told investors at the Goldman Sachs Communacopia + Technology conference.
I think the long and the short of it (place your bets) is that it could be perceived that Apple has lost its foothold on this ever-important (tm) share of the AI marketplace, whereas Google is happily integrating Gemini into all of its services, in a way that is actually functional / useful, with the most obvious entry point being its own Pixel hardware. They just dodged a regulatory bullet, partly due to AI competitiveness, but maybe they're not going to be on the whipping end of that sea change, after all ...
The relatively small changes in share price (~ -2% vs +2%) is likely just some optionality coming out of the respective company valuations for the small probability apple announced something big like Ai that works or a $400 phone for the mythical people who don't live in silicon valley and make 7 fig salaries.