Apple wants investors to know it's taking bigger steps to catch up in the AI race. The iPhone maker is "significantly growing" its investments and reallocating employees to focus on AI, CEO Tim Cook told investors on the company's quarterly earnings call Thursday.

Apple CEO Tim Cook says the company is “open” to mergers and acquisitions as it “significantly” increases its investment in AI, as reported by CNBC. Cook’s statements were made alongside the release of Apple’s third-quarter earnings results,

Apple's stock has been slumping, down more than 16% so far this year. Among "Magnificent Seven" components, only Tesla's stock has done worse. Can earnings help change the tune? One issue is that investors may not get a lot of answers to their burning questions on the call.

Apple (AAPL) is scheduled to report quarterly earnings after the closing bell today, with traders anticipating a sizable move from the iPhone maker's stock. Current options pricing suggests traders are expecting the shares could move 4% in either direction by the end of Friday’s trading session from their recent level at $209.