Apple (AAPL) has reduced employee spending allowances for artificial intelligence tools as part of a broader cost-cutting effort, Bloomberg reported Wednesday, citing people familiar with the matter.

The company lowered daily spending caps for some engineers to $200 from $300 last month, and is considering further cuts to as little as $100 for some teams. Other divisions already face a $100 daily limit, the report said.

The restrictions come as Apple seeks to control AI costs while encouraging wider adoption of the technology, Bloomberg reported.

Apple did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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