AAPL held its annual WWDC today where it announced incremental new features across iOS and other operating systems, along with Apple Intelligence (AI) tolls it will roll out. We believe Siri received its biggest upgrade ever and comes integrated with free access to ChatGPT for users. AAPL also highlighted the benefits of overlaying AI with consumer data, providing a personal touch, and repeatedly stressing the importance of privacy, announcing its Private Cloud Compute platform (run on Apple servers). Apple Intelligence will be available initially on the iPhone 15 Pros, iPad/Macs with M1 and later, and iPhone 16 devices slated to roll out this fall. Although the event didn’t showcase any major surprises, we are impressed with AI integration across AAPL’s ecosystem (e.g., Siri, rewrite, summarization, Genmoji, image wand, etc.) and see the potential for developers to create disruptive apps in the years to come. Ultimately, that will allow support installed base growth and more value for its hardware/services.