Apple CEO Tim Cook is navigating the company through a restructuring, which includes laying off over 700 employees primarily from the Micro-LED display division and the defunct Apple Car project.

The layoffs are part of a broader trend in the tech industry, with companies like Amazon, EA, Sony, Cisco, and Snap also reducing their workforces.

While some affected Apple employees are offered reassignments, the company provides no guarantees that all will be accommodated.

In a strategic pivot, Apple has shifted 2,000 employees from its car project to focus on artificial intelligence, indicating a new direction for the company's innovation efforts.

Apple is rumored to be venturing into the development of personal home robots as it explores new product categories.

Despite the workforce reduction, Apple is actively recruiting AI talent in the UK and is on track to exceed $100 billion in annual revenue by 2025.

Tim Cook is engaging in diplomatic efforts in Shanghai, addressing the challenges of geopolitical tensions and increasing competition from domestic Chinese tech companies.

Apple has declined to provide official statements regarding the layoffs.