Why Apple’s Inventory All of a sudden Dropped a Few Minutes Into Its WWDC Keynote

Apple shares sudden dropped a couple of minutes into its WWDC keynote on Monday. The wrongdoer seems to be one phrase: Siri.

About six minutes into the presentation, Apple’s inventory abruptly fell greater than 2.5%, from roughly $206 to under $201. That is the equal of $75 billion in market worth.

Simply seconds earlier, Apple software program chief Craig Federighi was on stage recapping the Apple Intelligence options the corporate had already rolled out in latest months, akin to Genmoji, sensible replies, picture cleanup instruments . Then he pivoted to Siri. That is when issues obtained awkward.

“We’re persevering with our work to ship the options that make Siri much more private,” Federighi mentioned. “This work wanted extra time to achieve our prime quality bar, and we stay up for sharing extra about it within the coming yr.”

Translation: Apple’s long-promised AI revamp of Siri nonetheless is not prepared. Traders in all probability did not like listening to that.

Wall Road has been hoping and ready for giant AI advances from Apple for a couple of yr. Expectations weren’t that top that WWDC 2025 would produce large new progress right here.

Nevertheless, opponents akin to Google, Microsoft, and OpenAI are racing forward, with new generative AI fashions, chatbot upgrades and options popping out throughout the trade each week. As a substitute, on Monday Apple reiterated its message that main AI options are nonetheless within the works.

Earlier this yr, Apple needed to pull advertisements after an trade watchdog mentioned the corporate’s “out there now” claims about Apple Intelligence. together with next-gen Siri, overstated what was really prepared.

The delay underscores a deeper downside: Apple has been sluggish to construct the infrastructure and foundational fashions that energy trendy AI.

Apple’s outdated playbook was to remain quiet till every thing was excellent. However within the AI arms race, ready might not win. Lately, simply admitting you are not prepared is usually sufficient to wipe out tens of billions in market worth.