Apple stock falls 4.4% after WWDC as Siri date stays vague

Apple shares dropped 4.4% on Tuesday, a day after the company presented a slate of artificial intelligence features at its Worldwide Developers Conference. The decline was the stock’s weakest one-day performance since February as investors reacted to the lack of a concrete launch date for the new Siri AI.

At WWDC, Apple introduced Apple Intelligence, new developer frameworks for iPhone and Mac, and a redesigned Siri powered by large language models. Apple said developers can access beta versions now and that a broader release will come at a later, unspecified time. The company also said it will use a cloud model described as comparable to leading frontier AI systems, with technical support from Google and Nvidia.

Market indicators showed a quick response. Trading in Apple options rose above typical levels and put-call skew widened, indicating higher demand for downside protection. Traders moved after Apple stopped short of committing to exact timing for a full Siri rollout.

Baird analyst William Power pointed to the missing launch date as a factor behind the sell-off, saying Apple plans a Siri AI beta later this year without a clear timetable for full release. Goldman Sachs’ Michael Ng highlighted potential revenue from subscription access and usage limits tied to server-powered features, noting that iCloud+ plans could offer increased access and drive monetization for Apple Intelligence.

J.P. Morgan analyst Samik Chatterjee observed that the initial rollout will be limited by language and region, with U.S. English first. He flagged that regulatory approvals could affect timing in markets such as China and Europe, and said the broader geographic and language expansion will be important for investors to watch.

Analysts differed on the near-term hardware impact. UBS kept iPhone shipment estimates unchanged, finding no reason to lift demand projections. Morgan Stanley raised its price target to $360 from $330 and noted that many current iPhones lack the memory needed to run advanced AI functions locally. The firm estimated roughly 1.3 billion iPhones in use do not meet the memory requirement for upgraded Siri features, and about 850 million devices cannot run Apple Intelligence at all.

Apple also previewed image-generation and photo-editing tools that rely on powerful server models and will include daily usage limits. The company emphasized privacy and device continuity during the announcements but did not provide a full schedule for when consumers worldwide will receive the new features.