On June 9, Apple declined 3.01% in regular trading, trading at $293.19/share with trading volume of $41.32 billion, extending the post-WWDC selloff that began after the company's annual developer conference failed to meet market expectations for its AI strategy.
Apple unveiled its new-generation Apple Intelligence platform and the long-awaited Siri AI assistant at WWDC on June 8, marking the company's most significant AI update in two years. However, analysts noted that many announced features closely resembled capabilities previously promised but repeatedly delayed, and the new Siri will only launch in beta form this fall — signaling the technology is not yet ready for mainstream use. The stock had initially rallied over 3% ahead of the keynote before reversing sharply, and selling pressure has continued into the following session.
Wall Street reactions were largely muted. Multiple analysts highlighted that Apple's AI capabilities, powered by Google's Gemini technology, remain unproven in execution, while key features will not be available in China and face regulatory delays in the EU. Some fund managers expressed concern that Apple Intelligence is effectively reliant on Google's models rather than proprietary technology, raising questions about long-term differentiation.
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