AI EXPOSURE
Apple
The exposure here is a cost line and a dependency, not a revenue line: Apple names AI among the reasons R&D is rising a third year on year, and reports no AI revenue anywhere. It buys far less compute than the others in this layer, which is itself the datapoint.
Not disclosed
Quarterly R&D: $11.73bn in the quarter to 27 June 2026, 11% of sales and up 32%, with AI named among the drivers
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