In the context of the parade of multi-billion-dollar buyouts in recent years, Apple Inc. (NASDAQ: AAPL)’s $200 million acquisition of machine learning and artificial intelligence company Turi may seem like small potatoes. However, Global Equities Research analyst Trip Chowdhry believes the deal could ultimately create a $300 billion opportunity for Apple.

Chowdhry said the acquisition is “solid and smart and makes Apple Machine Learning the most comprehensive offering with ML Models, Algorithms-Optimization, and Developer Ecosystem.”

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Chowdhry estimates the intelligent software applications market will be a $300 billion market, and believes Turi puts Apple in prime position to cash in.

He notes that Turi has a wide lead on the competition when it comes to its ML developer ecosystem, which includes more than 40,000 data scientists and developers.

Chowdhry also points out that Tesla Motors Inc (NASDAQ: TSLA) CEO Elon Musk and NVIDIA Corporation (NASDAQ: NVDA) CEO Jen-Hsun Huang have both consulted Turi co-founder Carlos Guestrin on autonomous driving and machine learning,

In addition, Target Corporation (NYSE: TGT), Amazon.com, Inc. (NASDAQ: AMZN) and General Electric Company (NYSE: GE) are just three of Turi’s many high-profile customers.

With iPhone sales declining in back-to-back quarters for the first time ever this year, Apple shareholders certainly welcome potentially massive AI and ML growth opportunities in years to come.

The $590 billion market company recently traded at $108.32. Shares are up 11 percent since its Q3 report on July 26.