Apple Inc.'s (NASDAQ:AAPL) potential partnership with OpenAI is going to be the "renaissance of growth" for the Tim Cook-led company, according to Wedbush's Dan Ives.

What Happened: In an interview with CNBC post Microsoft Corp.'s (NASDAQ:MSFT) AI announcements at the annual Build developers conference, Ives underscored that Apple's AI strategy will be the "most important event" for the company in the last decade.

"The renaissance of growth will be coming back to Apple and the AI reveal at WWDC next month — a key moment for Cupertino," Ives said.

"The OpenAI partnership... that's going to be the start of it.

Ives thinks there are two triggers for Apple's strategy going forward is its "AI store" and the integration of AI features on iPhones. Apple is expected to reveal more about this during the Worldwide Developer Conference (WWDC) in June.

"This will be the most important event for Apple in the last decade.

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Why It Matters: Apple is currently in talks with Alphabet Inc.'s Google as well as Microsoft Corp.-backed OpenAI to license either of their AI models for the iPhone. The company is separately developing its own generative AI solution dubbed "Project Graymatter," expected to debut with iOS 18 later this year.

Gene Munster, a prominent Apple bull, believes that integrating OpenAI's ChatGPT on the iPhone will be the "biggest upgrade in Siri's 13-year history."

Ives also highlighted that Apple has the "best-installed user base" of over 2 billion, emphasizing the potential for AI monetization.

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Price Action: Apple's shares were down 0.14% in premarket trading on Tuesday, after closing at $191.04 on Monday, according to Benzinga Pro.

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