Wedbush sees Gemini deal as incremental positive for both Google and Apple

Wedbush analyst Daniel Ives notes that Apple (AAPL) has announced that it selected Google’s (GOOGL) Gemini to power its AI features for products including Siri at some point later this year. This multi-year partnership will leverage Google’s Gemini models and cloud technology for future Apple foundation models. Wedbush says this is what the Street has been waiting for with “the elephant in the room” for Cupertino revolving around its invisible AI strategy, but it believes this is an incremental positive to both Apple Google as a major validation moment for Google as a premier foundation model and for Apple as a stepping stone to accelerate its AI strategy into 2026 and beyond. The firm has an Outperform rating on Apple with a price target of $350. Wedbush keeps the stock on its Best Ideas List and the Ives AI 30 List.