Apple Shares Drop 5% After WWDC as AI Reveal Fails to Match 28% Pre-Event Rally
Updated
Updated · CNBC · Jun 9
Apple Shares Drop 5% After WWDC as AI Reveal Fails to Match 28% Pre-Event Rally
3 articles · Updated · CNBC · Jun 9
Summary
Apple fell another 3% Tuesday after nearly a 2% slide Monday, extending a post-WWDC selloff as investors judged the AI keynote short of lofty expectations.
A 28% run from March 30 to Apple's June 2 record close near $315 had set up a classic sell-the-news reaction, with the stock reversing from a roughly 3% pre-event gain during the keynote.
The disappointment centered on Apple's AI rollout, including no firm Siri AI release date, even as management backers argued the conference fit Apple's usual incremental product strategy.
Morgan Stanley still raised its price target to $360 from $330, saying AI could drive hardware upgrades and services growth across Apple's 2.5 billion-device ecosystem.
More than 850 million iPhones in use cannot run basic Apple Intelligence features, leaving Wall Street focused on whether future AI upgrades can translate into a longer device-refresh cycle.