CUPERTINO, Calif. – Apple delivered its strongest June quarter on record, reporting $109.4 billion in revenue and beating analysts’ estimates of $108.65 billion in the company’s final earnings report before CEO Tim Cook steps down.

A 22% jump in iPhone sales, combined with record spring-quarter Mac revenue, helped drive the results. Tariff refunds also boosted Apple’s bottom line, adding roughly 5% to profit during the period.

But the earnings numbers were only part of the story. In an interview following the report, Cook addressed Apple’s approach to open-source artificial intelligence, the state of U.S.-China relations, rapidly rising memory chip costs and the legacy he leaves after 15 years at the helm.

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Cook said he has “nothing negative” to say about open-source AI models, adding that “they are useful.” His comments come as the technology industry debates whether the most powerful AI systems should remain proprietary or be made more broadly available to developers.

That debate has intensified after Chinese AI company Moonshot launched Kimi K3, a new model that has drawn attention for performance that rivals some of the most powerful systems from Anthropic and OpenAI. Apple, meanwhile, is preparing to launch its long-awaited AI-powered Siri this fall using Google’s Gemini.

Cook’s comments suggest Apple intends to remain pragmatic rather than ideological in choosing the models that power its products. The company has traditionally exercised tight control over its hardware and software ecosystem, but the fast-moving AI market may require it to draw on a wider range of outside technologies.

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China remains another critical part of Apple’s AI strategy and its broader business.

“In terms of the U.S.-China relationship, I was over in April for the state dinner, and I think the engagement between the countries are really good, and I’ve got a favorable view, and I’m very optimistic at this point about where the relationship is,” Cook said.

Apple Intelligence has finally been approved in China after a delay of nearly two years compared with its U.S. launch. The approval could help Apple compete more effectively in one of its largest markets, where domestic smartphone makers have moved quickly to add generative AI features.

Apple’s China sales rose 22% during the spring quarter to $18.81 billion. Even with that sharp increase, revenue still fell short of analysts’ estimates of more than $19.5 billion in Apple’s third-largest market.

Tariff refunds provided another lift to the quarter. Cook said Apple is directing that money back into domestic production.

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“We’re taking our tariff refunds and reinvesting those in the United States’ advanced manufacturing,” he said.

Apple has already committed to spending $600 billion over four years on the U.S. economy. The reinvestment gives the company a way to frame the refunds not simply as a temporary earnings benefit, but as additional support for its long-term manufacturing strategy.

At the same time, Apple is contending with a sharp increase in the cost of memory chips. The company recently raised prices on some Mac computers and iPads by as much as $300 as memory chip prices soared by as much as 600% over the past two years.

“As I’d mentioned on the call last time around, the memory costs were higher in March than December quarter, and then in June they were significantly higher than in the March quarter,” Cook said.

Ticker	Security	Last	Change	Change %
AAPL	APPLE INC.	333.43	-4.76	-1.41%

Those higher costs are arriving just as artificial intelligence is driving demand for more computing power and memory. Despite the price increases on some devices, Cook said Apple’s new, lower-priced MacBook Neo, which starts at $699, was the company’s best-selling computer in the United States during its first full quarter on the market.

Demand for Apple’s higher-powered Mac Studio computers has also surged, creating supply shortages and helping push Mac revenue above $10 billion for a new spring-quarter record.

Cook will step down as chief executive on Sept. 1 after leading Apple for 15 years. He will remain chairman, while Apple’s hardware engineering chief, John Ternus, takes over as CEO.

Cook became chief executive in 2011, succeeding Apple co-founder Steve Jobs. Since then, Apple’s market value has increased by more than 1,000%. This week, the company became only the second corporation to surpass $5 trillion in market value, briefly overtaking Nvidia to reclaim the title of the world’s most valuable company.

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Reflecting on his tenure, Cook said, “I’ve had an incredible opportunity to work with people that I love to work with… and it’s just been the privilege of a lifetime.”

Asked how he wants to be remembered, Cook demurred.

“How people will write about that will be theirs to decide,” he said. “But for me, it’s been a privilege.”

Cook arrived in the top job facing doubts that a supply-chain expert could preserve the product vision and culture associated with Jobs. Fifteen years later, he leaves behind a company operating at a scale few could have imagined in 2011 – and one now entering a new era defined by artificial intelligence, geopolitical competition and the challenge of sustaining growth from the world’s most valuable consumer technology franchise.

New Delhi: The BJP on Sunday accused AAP supremo Arvind Kejriwal of orchestrating hoax calls to mislead voters across constituencies, including the New Delhi constituency, claiming that their were “cancelled” by the BJP. Addressing a press conference, BJP MP Parvesh Verma played an audio recording of one such call, in which a person was heard saying, “Your vote has been cut by the BJP. AAP will ensure you get your vote back,” and urged the receiver to support the Aam Aadmi Party.

“Hoax calls are being made to the public, saying that BJP will end all AAP schemes. This is a blatant lie,” he said.

He also wondered how “confidential voter data” was accessed by the party.

“Other than the Election Commission of India, this data is not provided to anyone. How did Kejriwal get the voters’ contact list? This must be inspected,” Verma said.

The BJP’s New Delhi candidate for the Assembly election also alleged the AAP of distributing Rs 500 wrapped in a calendar in the slum areas. He claimed three people were arrested in this regard.

There was no immediate reaction from the AAP on the allegations, nor from Delhi Police.
He said he has filed a complaint with the Election Commission and his party demands an investigation into the matter. BJP leader and party spokesperson Sudhanshu Trivedi, who was also present at the press conference, welcomed the US Supreme Court’s decision to extradite to India Tahawwur Rana, an accused in the 2008 Mumbai terror attacks.

“Under Modi’s leadership, the government remains committed to fighting terrorism. The decision to hand over Tahawwur Rana to India is a welcome one for all of us,” Trivedi said.

Trivedi accused the AAP and Congress of supporting activities that indirectly shield terrorism.

“Atishi’s parents were among those seeking a ‘shama yajna’ (forgiveness ritual) for Afzal Guru,” he alleged, referring to the mastermind of the 2001 Parliament attack.

Mumbai: The Reserve Bank of India (RBI) Friday announced a host of measures to attract foreign currency inflows, aimed at strengthening external buffers, even as the six-member rate-setting committee voted to keep the policy rate unchanged at 5.25% and maintained a neutral stance.

RBI took steps to attract overseas investors into government bonds and equities, provided public sector units time-bound incentives to raise external commercial borrowings (ECB), and agreed to bear the hedging cost on fresh three- to five-year FCNR(B) deposits, among other measures.

“As a result of these measures on FCNR(B) and ECBs, and initiatives taken by the government on bonds and trade agreements, we are quite confident of a very healthy balance of payments, compared to what it would have been otherwise,” said RBI governor Sanjay Malhotra at the post-policy press meet.

The central bank revised inflation forecast upward to 5.1%, from 4.6%, and lowered its growth forecast for FY27 to 6.6%, from 6.9% projected in the previous policy.

“Adverse implications of extended disruptions in supply chains and elevated energy prices are reflected in moderation of growth and increase in inflation projections from the April policy,” the governor said, while revising forecasts in his second policy following the West Asia crisis. He stated that “although risks of higher inflation have amplified, the MPC felt it would be prudent to wait for greater clarity to emerge.”

The measures to attract inflows come amid outflows of $13.7 billion by foreign institutional investors from the equity market and are likely to support the rupee, which has fallen 4.1%, or about four rupees, since the start of the US-Iran conflict.Malhotra said he expects strong inflows but declined to put a number to them while adding that he expects banks to pass on the benefits of lower hedging costs to customers. Chairman State Bank of India CS Setty said, “These steps should help enhance capital inflows, deepen bond markets, improve liquidity and provide support to the rupee.”

Soumya Kanti Ghosh, group chief economic adviser, State Bank of India, said the measures would result in a potential capital flow of at least $40 billion, a pullback in the rupee toward 92-93 levels, and a pause in the August policy.

Madhavi Arora, chief economist, Emkay Global Financial Services, expects inflows of $30-50 billion over the year, while Aastha Gudwani, chief economist at Barclays, said the measures could add about $5 billion a month.

Economists said the policy is supportive of growth but has overlooked rising inflation risks. These would stem from higher oil prices following the West Asia crisis.

However, the governor defended the stance, stating that the 4% inflation target is “not in abeyance” and remains “sacrosanct.”

“This target is to be met over a period. It is a medium-term target, and it is not advisable to take action for every small deviation, as that could have disproportionate consequences for growth,” Malhotra said. The governor highlighted that the economy is facing uncertainty over the nature and duration of the conflict, as well as the time needed for the restoration of supplies. He also noted uncertainty around the monsoon and the impact of El Niño, both of which have implications for inflation and growth.

The NSE Nifty 50 index declined 0.21% to 23,366.7. The 10-year government bond yield fell four basis points to close at 6.97%, while the rupee gained 84 paise to close at 94.95 on Friday.

Upasna Bhardwaj, a senior economist at Kotak Mahindra Bank, expects a 50-basis point rate hike in October, while Arora said RBI will raise rates only if inflation becomes entrenched. The governor reiterated that RBI would “look through” shocks unless inflation becomes broad-based and persistent or starts getting embedded in expectations.

On the upward revision in inflation forecasts, RBI said in its statement that the pass-through of higher oil prices could exert upward pressure in the coming months as firms pass on input costs.

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Certain robotic vacuum cleaners, including some Roomba-style devices, will be banned under the new U.S. policy restricting foreign-made advanced robotics, federal regulators told FOX Business Thursday.

The Federal Communications Commission (FCC) said robotic vacuums fall under its updated “Covered List” rules adopted Tuesday, making certain new foreign-produced models ineligible for FCC equipment authorization due to national security and cybersecurity risks to U.S. critical infrastructure.

While the agency did not identify specific brands, an FCC spokesperson confirmed to FOX Business that robotic vacuums are among the devices covered by the restrictions. 

Major manufacturers including iRobot, SharkNinja, Dyson, Samsung and LG sell robotic vacuums in the U.S., with most production taking place in China, alongside manufacturing operations in Vietnam, Malaysia and Indonesia.

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However, the restrictions apply only to newly authorized devices and will not affect the many robotic vacuums already in consumers’ homes.

“This action does not impact a consumer’s continued use of devices they previously acquired,” the FCC spokesperson said.  

The agency added that previously authorized models may continue to be sold, imported and marketed in the U.S., and it does not “prevent retailers from continuing to sell, import or market relevant models approved previously through the FCC’s equipment authorization process.”

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“We are aware of the FCC’s recent action and are working with them to better understand its implementation and potential impact,” iRobot said. “We remain committed to serving our customers and will share updates as more information becomes available.”

Under the FCC’s new rules, many household robotic cleaners qualify as “advanced robotic devices” because they are mechanical mobile devices capable of locomotion, navigation and obstacle avoidance. 

Covered devices generally weigh more than 4.4 pounds and operate near human operators. Their autonomous navigation is either powered by firmware, AI models or sensors via Bluetooth, Wi-Fi or cellular technology. 

That definition could encompass products such as iRobot’s Roomba lineup, SharkNinja’s Shark robotic vacuums, Dyson’s 360 series, Samsung’s Jet Bot line and LG’s CordZero robotic cleaners. 

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Roomba, one of the first robotic vacuum brands to gain widespread popularity in the U.S., was introduced by American company iRobot in 2002 but is now owned by Shenzhen Picea Robotics and Santrum Hong Kong.

Picea Robotics, which operates development and manufacturing facilities in China and Vietnam, sells Roomba models starting at $200.

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By comparison, American robotics startup Matic, one of the few U.S.-based competitors that designs and assembles its products domestically in California, sells its robotic vacuums for about $1,245. 

FOX Business reached out to SharkNinja, Dyson, Samsung and LG for comment.

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