After more than two years of negotiations, Apple will replace its credit-card issuer partner, transitioning from Goldman Sachs to JPMorgan Chase later this year. The deal, one of the largest co-branded credit-card partnerships in history, covers over 25 million active cardholders and more than $30 billion in outstanding balances. Sources indicate that JPMorgan will assume all credit-risk underwriting and transaction processing responsibilities, while Apple retains control over card design, rewards structure and customer experience. Investors will watch closely for any early disruptions to account servicing and the impact on net interest margin, which has contributed roughly $1 billion annually to Apple’s Services revenue stream.

Apple and Google announced a multi-year collaboration under which Google’s Gemini foundational models will underpin future Apple Intelligence features, including an AI-enhanced Siri set to debut late this year. The agreement follows delays in Apple’s in-house AI roadmap and represents a strategic pivot toward leveraging third-party technology. Following the announcement, Google’s parent company saw its market value breach $4 trillion, while Apple’s market capitalization edged 0.3% higher. Analysts at Wedbush called the tie-up a “major validation moment” for both parties, and JPMorgan strategists reiterated their overweight rating on Apple stock, citing a potential upside of nearly 35% from current levels if AI integration drives higher device attach rates and services uptake.

Bank of America analyst Wamsi Mohan maintained a Buy rating on Apple shares, projecting record first-quarter results driven by strong iPhone demand and services revenue growth. Mohan raised his estimate for iPhone unit sales to 85 million for the December quarter—up 2 million units from prior forecasts—and expects a further 1 million-unit increase for the March quarter. He predicts that year-over-year iPhone revenue could climb by 17%, marking one of the best quarters on record. Looking ahead, Mohan cites a foldable iPhone launch in fall 2026 and the integration of Gemini-powered Siri as key catalysts, while noting that rising memory costs pose a manageable headwind to gross margins.