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Apple (AAPL) stock trades at 38.5 times its earnings, compared with 22.8 for the S&P 500. This price appears to assume the company keeps growing. Apple began rolling out its Siri AI assistant in September, offering its newest reason for people to buy a new iPhone. Siri AI is too new to show whether people will upgrade for it, or what it will cost Apple to run.

How Siri AI Could Earn And Cost Apple Money

Apple makes money from Siri AI when people buy new devices to get it, and the company spends money when requests to Siri AI are answered on its own servers. Management has also pointed to openings in third-party apps, partnerships and wider…