San Francisco, June 10, 2026, 04:09 (PDT)
- Apple shares traded at $290.55, off $11.01 from the last close, with the stock sliding after WWDC.
- Siri AI is at the center of the selloff. Apple is set to roll out its new assistant in beta later this year, but the update will only be in English and have regional restrictions.
- Morgan Stanley said Apple’s AI push faces a cap as older iPhones block access to top features, making the AI pitch a test for driving upgrades.
Apple stock kept sliding early Wednesday, with traders saying WWDC didn’t deliver the kind of AI leap needed to move iPhones now. Shares changed hands at $290.55, off $11.01 from Tuesday. Wall Street is looking to see if Siri’s AI ends up as more than a tech showcase and actually sparks sales.
Apple shares slid further Tuesday after falling 1.9% to $301.54 on Monday. The drop followed the company’s AI-focused software launch. By Tuesday, losses had widened as investors reacted to the keynote, despite Apple calling Siri AI its “most ambitious” assistant update so far. Reuters
Apple rolled out Siri AI on June 8, showing off an upgraded Siri built on Apple Intelligence with new personal context, onscreen awareness, and more web reach. Craig Federighi, Apple’s SVP of Software Engineering, described it as “dramatically more capable and conversational.” The company said developer testing is happening now, with a beta for users set for later this year. Beta means it’s a test version, not a full commercial launch. Apple
That timing had something to do with the stock’s muted move. Investors looked for signs that Apple’s AI push would spark a fast boost in iPhone sales or services revenue. They didn’t get that. Apple put out a phased plan: public beta software next month, free updates in the fall, and Siri AI as a beta for English-speaking users on supported devices sometime later this year.
Device limits are shaping up as the big hang-up. Apple says its new Apple Intelligence and Siri AI coming in iOS 27, iPadOS 27, macOS 27, watchOS 27 and visionOS 27 will need newer devices—only iPhone 16 models or later and iPhone 15 Pro models will get them. Morgan Stanley told Reuters that over 850 million iPhones won’t handle even the basic Apple Intelligence features, while over 1.3 billion users are locked out of the new advanced Siri.
That could go either way. A big installed base that isn’t compatible might get customers to upgrade if Siri AI starts to handle more daily jobs. But Morgan Stanley warned that selling hardware by betting on software is a tough sell, even if AI is the reason people want a new phone.
Apple is leaning more on external AI infrastructure than some investors thought. Reuters said some Apple models use Google’s Gemini tech, and its bigger models will run on cloud setups with Nvidia chips. That speeds things up for Apple, but puts it next to Google, OpenAI and Anthropic, whose AI tools already influence what consumers expect.
Not every analyst saw it the same way. Reuters quoted MoffettNathanson’s Craig Moffett, who said the changes weren’t “earth-shaking.” But he said the updates could turn Siri into a real chatbot and maybe a real agent. Agents can do tasks in different apps, not just answer questions. Reuters
Regional delays are adding to the hurdles. Apple said Siri AI won’t launch at first in the EU on iOS, iPadOS or watchOS due to the Digital Markets Act, a law targeting big platforms that crowd out competitors. In China, Apple said it will hold back Siri AI and the rest of the new Apple Intelligence tools as it addresses local rules.
Brussels hit back. European Commission spokesman Thomas Regnier told the Associated Press that “nothing in the DMA prohibits Apple” from launching new products in the EU. That fight is in focus for Apple stock because Europe and China are big markets—not just sideshows. Delays on AI features in those regions dull the pitch that Siri AI will boost upgrades worldwide. AP News
Apple’s core business keeps investors around. For its fiscal second quarter ended March 28, Apple posted $111.2 billion in sales, a 17% year-over-year gain. Diluted EPS came in at $2.01, up 22%. Services revenue hit a new record. The board signed off on another $100 billion in buybacks, putting a large capital return program in place as shareholders wait to see Apple’s AI push turn into real sales.
Investors are now paying for execution, not just hype. If Siri AI rolls out slowly, looks small, runs into language or region limits, or can’t convince older iPhone users to upgrade, Apple’s premium price tag could be hard to hold. Privacy also cuts through Apple’s story: the company is promising more personal features but has to keep both users and regulators sure their data is safe.
Investors will be watching to see if the July public beta, fall software release, and upcoming Siri AI beta actually offer everyday value to push iPhone upgrades before attention shifts from WWDC to Apple’s next devices.
