Tech Incumbent AI Rollouts = Apple – Apple Intelligence (10/24) Note: Counts sales of iPhone 15 Pro, iPhone 15 Pro Max, & iPhone 16 devices. Figures are estimates. Source: Company announcements & investor filings; IDC via Morgan Stanley (4/25) Apple: Apple Intelligence – 9/23-3/25, per Apple & IDC Estimates Apple Intelligence builds on years of innovations we've made across hardware and software to transform how users experience our products. Apple Intelligence also empowers users by delivering personal context that's relevant to them. And importantly, Apple Intelligence is a breakthrough for privacy and AI with innovations like private cloud compute… …[in] the markets where we had rolled out Apple Intelligence…year over year performance on the iPhone 16 family was stronger than those where Apple Intelligence was not available. - Apple CEO Tim Cook, 1/25 iPhone Sales, MM Estimated Global Sales of iPhone 15 Pro / Pro Max & iPhone 16 (MM) – 9/23-3/25 Apple Intelligence-Capable Devices $0 $25 $50 $75 9/23 12/23 3/24 6/24 9/24 12/24 3/25 Quarter Ending 208 AI – Tech Incumbents = Broad & Steady Product / Feature Rollouts