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 reported strong iPhone sales and rebound in revenue from China, giving a much-needed boost to two parts of the company’s business that had struggled over the past year.

Apple Inc. reported its fastest quarterly revenue growth in more than three years, easily topping Wall Street estimates, after demand picked up for the iPhone and products in China.

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.