Updated
Updated · CNBC · Jun 9
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.

Insights

Is Apple Intelligence a revolutionary feature that will drive iPhone sales, or just an incremental update?
Can Apple's AI truly protect privacy while relying on its biggest data-driven rival, Google?