How Google Just TOOK OVER the iPhone: Gemini-Powered Siri
Speakers
Ejaaz Ahamadeen
— Co-Host, Limitless Podcast (Bankless)
Josh Kale
— Co-Host, Limitless Podcast (Bankless)
Summary
Ejaaz and Josh discuss Google's major week, including Apple's $1 billion annual deal to use Gemini for next-generation Apple Foundation Models and Siri, Gemini's rollout in Gmail and Workspace, Google's launch of the Universal Commerce Protocol with retail partners, and Google's $4 trillion market cap. They argue Google is consolidating AI distribution and data advantages, remain bullish on Google and Apple, and see Amazon's e-commerce interface facing a new competitive threat. They also note OpenAI/ChatGPT losing relative AI share and uncertainty around execution of AI shopping.
- Google and Apple announced a multi-year AI deal for Gemini-powered Apple Foundation Models and Siri.
- Gemini is being integrated into Gmail and Google Workspace, deepening Google's data and distribution moat.
- Google launched the Universal Commerce Protocol with retailers like Walmart and Shopify to enable AI shopping.
- Google crossed a $4 trillion market cap, becoming the second most valuable company.
- The hosts are bullish on Google and Apple, and Ejaaz says he bought more Google stock.
- Amazon faces new risk from Google capturing shopping intent, though fulfillment and AWS remain strengths.
- OpenAI/ChatGPT appears to be losing relative AI share as Gemini and Claude gain.
- The episode frames 2026 as a default-AI distribution war.
Ideas
Google wins Apple AI deal
Ejaaz argues Google is a primary winner from Apple's multi-year deal: Apple will pay about $1 billion per year to base next-generation Apple Foundation Models on Gemini and put Gemini across roughly 2 billion Apple devices, validating Google as the most capable foundation model and reinforcing its full-stack advantages across TPUs, cloud, and distribution. He says he bought more Google stock and sees huge potential.
Amazon faces Google commerce threat
Ejaaz warns that Google's Universal Commerce Protocol threatens Amazon by capturing upstream shopping intent and the purchase moment through Gemini, potentially reducing Amazon's interface and scroll-driven advantage and relegating it to warehouse and fulfillment. He also says this is not necessarily bad because AWS and fulfillment are Amazon's strengths, so it is a developing risk to monitor.
Apple local AI models underrated
Josh says Apple's local on-device AI strategy is underrated: even as Apple offloads difficult cloud tasks to Google's Gemini, it can run private small models on-device in the secure enclave, giving developers free inference and capturing local compute as chips improve. He is bullish Apple and notes it avoids the data center capex race.
Apple wins by licensing Gemini
Ejaaz says he is bullish Apple because it avoids spending tens of billions to build a frontier model, licenses Gemini for about $1 billion per year while still receiving roughly $19 billion net from Google search, and can focus on its consumer ecosystem, best apps, and AI agent interface. He argues Apple can win overall even if it relies on Google for the model.
