After more than two years of negotiations, Apple is set to transition its co‐branded credit card business from Goldman Sachs to JPMorgan Chase. The move marks one of the largest credit‐card deals ever, with over 30 million active cardholders and total outstanding balances exceeding $15 billion. Sources indicate that Goldman Sachs will wind down new account openings by the end of Q2, while JPMorgan will assume full servicing and underwriting responsibilities in Q3. Investors will watch for any shifts in net interest margin and credit‐loss provisions, as JPMorgan’s larger scale could improve funding costs but also introduce different risk‐management practices.

Apple announced a multi‐year agreement to integrate Google’s Gemini foundational models into its upcoming Apple Intelligence platform. The deal will power an AI‐enhanced Siri slated for release later this year, following repeated delays. Under terms believed to be worth approximately $1 billion per year, Google will supply both large‐scale model training and private cloud compute capacity. Wedbush’s Dan Ives described the partnership as a “major validation moment” for Apple’s AI roadmap. Analysts note that the collaboration could accelerate feature development across devices and services, with potential upside to services revenue if engagement metrics for Siri and AI‐driven workflows climb by even 5–10%.

Bank of America’s Wamsi Mohan reiterated a Buy rating and raised his target, forecasting a record first fiscal quarter driven by robust iPhone unit sales and double‐digit growth in Services. He projects 85 million iPhone units sold in the December quarter—two million more than prior estimates—and expects unit volume in the March quarter to reach 54 million. Mohan anticipates iPhone revenue growth of 17% year‐over‐year, one of the strongest quarterly increases in recent history, and forecasts sequential gross‐margin expansion for both December and March periods. Looking ahead, he highlights two major catalysts for later in the year: the launch of a foldable iPhone and the rollout of an AI‐integrated Siri, each of which could spur upgrade cycles and help offset rising memory costs.