Apple today pledged big investments in AI without providing specifics, as the company faces pressure from investors to catch up in the global AI race.

• 🗣️ CEO Tim Cook told investors in prepared remarks on an earnings call this afternoon that the company is "significantly growing our investments" in artificial intelligence.
• He said the company expects to release a "more personalized Siri" in 2026.

State of play: The comments follow Apple's quarterly earnings report, which showed a 10% jump in revenue to $94 billion.

• That included double-digit growth for the iPhone, Mac and Services segments.

⚠️ Device momentum is nice, but investors have been eager for more insights into the company's AI strategy, and Cook hasn't offered many details.

• Wedbush Securities analyst Dan Ives said in a research note that the earnings report "was a major step in the right direction," but "the elephant in the room" is "the AI strategy, which remains absent while the rest of the tech world is laser focused on the AI Revolution at warp speed."

👀 What to watch: Whether Apple makes any big M&A plays to boost its AI game.

• Ives recently floated the possibility that Apple could acquire AI firm Perplexity.

Apple's call is still ongoing as we send this, so it may still offer more in the Q&A.

Figma's shares exploded in their public market debut, surging 36% to $115.50 after trading started just before 2pm ET.

• 😬 That's nearly four times what the design collaboration titan and its backers sold shares for yesterday in its IPO.

By the numbers: Figma priced its shares at $33 late yesterday, after revising its original price range from $25–$28 to $30–$32 earlier, Axios Pro's Chris Metinko writes.

• Fun fact: Adobe planned to pay $20 billion for Figma in late 2022 before U.S. antitrust regulators objected a year later. It closed today with a market cap over $67 billion.

📈 Sign of the times: Coming into today, Circle Internet Group — which listed in June — held the distinction of having the largest first-day pop above its IPO price for a company raising at least $1 billion, at 168%, Bloomberg noted.

• Figma just closed up 250% on that metric.

👾 Roblox now has more than 100 million daily active users. The gaming platform's stock soared as its user base grew 41% on the strength of viral hits like "Grow a Garden." (Reuters)

💉Moderna is cutting 10% of its workforce. The company is grappling with declining sales of COVID vaccines. (Stat)

🍺 AB InBev's stock plunged as the Budweiser maker's sales volume declined 1.9% compared to an expected 0.3%. Soft demand in China and Brazil is hurting sales. (CNBC)

🤓 Dotdash Meredith, one of the largest publishers in America, is rebranding as People Inc. People magazine is the company's most popular and recognizable title. (Axios)

Ikea is coming to some Best Buy stores — minus the Swedish meatballs.

• 🤝 The electronics retailer and home products store are working together to open 10 small "shop-in-shop" locations in Florida and Texas later this year, Axios' Kelly Tyko writes.

Between the lines: It is the first time that Ikea products will be sold at another U.S. retailer. For Best Buy, it's another step to expand its presence in the home-goods market.

• These mini‑showrooms — each roughly 1,000 square feet — will allow customers to plan kitchens, storage or laundry spaces with Ikea design assistance and Best Buy's appliance and tech offerings, the companies said.

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