Apple Inc. (NASDAQ:AAPL) inching closer to a partnership with OpenAI has excited Deepwater Asset Management's Gene Munster about the potential this deal holds for the iPhone maker.

What Happened: Prominent Apple bull Munster thinks that integrated Microsoft Corp.-backed (NASDAQ:MSFT) OpenAI's ChatGPT on the iPhone will be the "biggest upgrade in Siri's 13-year history."

Apple's voice assistant, Siri, was launched with a lot of fanfare with the iPhone 4S in 2011. Many companies, including Alphabet Inc.'s Google, and Samsung Electronics Co Ltd., launched their respective voice assistants to compete with Siri.

However, development in terms of Siri's capabilities has slowed down in the past few years.

Now, with Apple and OpenAI inching closer to striking a highly-anticipated partnership, Munster thinks not only will this be accessible by at least 80% of Apple's over 2.2 billion users, it could even open up a new revenue stream for Cupertino.

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Munster echoed another Apple bull, Wedbush's Dan Ives, who thinks the company has the "best-installed base in the world" for its AI ambitions.

"I believe this could open up a new revenue stream."

That said, it remains to be seen if and how Apple monetizes Siri in the future.

Why It Matters: The potential upgrade to Siri follows a series of AI-related developments at Apple. The company is reportedly finalizing an agreement with OpenAI to integrate ChatGPT features into iOS 18, the upcoming iPhone operating system.

Apple's AI efforts have been a point of focus, with CEO Tim Cook expressing confidence in the company's AI prospects despite concerns from investors. Cook revealed that Apple has invested $100 billion in research and development over the past five years, with a focus on unveiling new AI features at the upcoming WWDC.

Additionally, Apple is reportedly working on its own AI chips for data centers, a move that could potentially disrupt the market. The project, codenamed ACDC, is an extension of Apple's existing in-house chip efforts for its devices.

Price Action: Apple's stock closed at $183.05 on Friday, down 0.69% from the previous day, according to Benzinga Pro.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

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