Apple will lean on Google to help finish its bungled attempts to smarten up its virtual assistant Siri and bring other artificial intelligence features to the iPhone as the trendsetting company plays catch up in technology’s latest craze.

Google's Gemini, in a pristine state, will power Siri and the broad Apple Intelligence stack. The foundations are ready, but the execution could be better than expected.

A component necessary for electronics like the iPhone is in short supply, which is why Apple is on the hunt for new suppliers in Japan and China.

This increase propelled the shares to more than 32x forward earnings—a premium valuation that hinges on Apple’s success in its upcoming major platform transition.