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Apple Shares Fall After AI Updates at Developers Conference
Apple investors reacted to presentations at the company's annual Worldwide Developers Conference last week. The overhauled Siri assistant will launch this fall as a beta version and initial AI features will exclude the European Union and China.
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Apple shares declined after the company presented updates to its artificial intelligence features at its annual Worldwide Developers Conference last week.
The overhauled Siri assistant will launch this fall as a beta version. Initial AI features will not be available in the European Union or China. Investors had expected stronger announcements that could support an iPhone upgrade cycle. Presentations were described as underwhelming and product timing disappointed some observers.
The stock posted its worst week since February.
Year-to-date gains stand at 10 percent, below the Nasdaq 100 Index rise of 19 percent. Apple shares rose 15 percent in May before the conference. 5 percent in early Wednesday trading after a Bloomberg report on future product launches.
Revenue growth is projected at nearly 15 percent for fiscal 2026.
6 percent in fiscal 2027. Apple shares trade at more than 33 times estimated earnings, above the company's ten-year average of 23 times. "There's a bit of fatigue with Apple and AI," said Tim Chubb, chief investment officer at Girard, a Univest Wealth Division.
