According to news on June 10, after Apple released a new version of Siri AI at the Worldwide Developers Conference (WWDC), it did not wait for the applause of the capital market: Apple’s stock price fell by more than 3% on Tuesday. According to CNBC, Apple demonstrated more capabilities of the new version of Siri AI and Apple Intelligence at a press conference on June 8, but investors still have doubts about the release pace and commercial effects. Market differences focus on one issue: the new version of Siri is more like a shortcoming that has finally been filled, rather than a new reason to immediately stimulate an iPhone replacement.
Siri has been upgraded, but the reason for switching is not strong enough
Apple is pushing Siri into a stronger AI assistant form this time, focusing on more natural conversations, stronger personal understanding, and deeper linkage with systems and applications. For ordinary iPhone users, this means that Siri is no longer just a voice portal for setting alarm clocks and checking the weather, but may also be involved in finding information, calling applications, and handling personal tasks.
But what investors care about is not whether the demonstration goes smoothly, but when these features will actually be launched, how many users they will cover, and whether they can drive a new round of iPhone demand. CNBC quoted Baird analyst William Power as saying that Apple showed a good AI blueprint and early personalization scenarios, but the new full version of Siri AI lacked a clearer launch schedule, which may be one of the reasons why the stock price weakened during the conference.
This is also the most embarrassing situation for Apple right now: It’s not that it doesn’t have an AI story, but that there are still waiting periods, model restrictions and regional coverage issues before this story can become a real experience in the hands of consumers.
Analysts agree with the direction, but not all believe it can drive iPhone
Goldman Sachs analyst Michael Ng is more focused on Apple’s path to monetization. He believes that some functions that rely on strong server models, such as image generation, may have daily usage limits, and more quotas may be linked to iCloud+ subscriptions. This means that AI not only serves hardware replacement, but may also become a new entry point for Apple’s service revenue.
UBS analyst David Vogt was more cautious. He believes that these AI features are not enough to be a "game changer" in changing iPhone demand, so he maintains his expectations for iPhone shipments unchanged. In other words, Apple can make Siri smarter, but it has not yet been proven whether consumers will change their phones earlier as a result.
JPMorgan analyst Samik Chatterjee focused on the pace of follow-up rollout: If the new version of Siri AI can enter the U.S. market in the fall, it will help holiday season sales; but what investors really want to watch is whether Apple can expand these features to more languages and regions.
The problem for Apple is not whether it has AI, but whether it can deliver it on time.
In the past, Apple rarely relied on "being first to release" to win the market. It was better at packaging mature technologies into product experiences that were stable, easy to use, and had clear privacy boundaries. Siri AI is also on this route: it does not emphasize the user's understanding of model parameters, but emphasizes completing more natural task processing between mobile phones, applications and personal data.
But this time the pressure from the market is more direct. Competitors such as OpenAI, Google, and Samsung have quickly pushed AI assistant, search, office, and mobile phone functions to users. If Apple continues to respond with "launch later," investors will factor the wait into its stock price.
For iPhone users, the new version of Siri AI is worth looking forward to. But for investors, Apple needs to prove two things: it can put Siri AI into the hands of enough users on time, and it can also convert this set of AI capabilities into machine replacement, subscription or higher user stickiness. The drop of more than 3% reflects that the market is not yet reassured about these two things.