Apple Inc. (NASDAQ:AAPL) delivered the biggest artificial intelligence overhaul in its history on Monday, with CEO Tim Cook unveiling a rebuilt Siri AI powered by Google’s Gemini at his final WWDC before handing the company to John Ternus in September, but Wall Street was not impressed.

AAPL stock hit $317 during the keynote, then reversed sharply to close at $301.54. The stock is down more than 3% in Tuesday’s trading.

Siri is moving to a standalone app with synced conversation history, effectively becoming a full chatbot.

Cook sold the AI reset hard while saying little about the hardware backlog he leaves Ternus, who skipped the keynote. Bloomberg’s Mark Gurman reports an M5 Mac Studio refresh and a low-cost iPad are delayed, with Apple’s N50 smart glasses pushed to late 2027.

What Investors Hated About The Siri Reveal

Apple reportedly stopped short of providing a firm launch date for Siri AI, committing only to a developer beta with a public rollout in the fall.

The detail stung because Apple just paid out a $250 million Siri class action settlement. The assistant will also not launch in China at debut, and may skip the European Union over Digital Markets Act issues.

Gene Munster of Deepwater Asset Management called the move “one part sell-the-news and four parts uncertainty about when every iPhone user, whether in the U.S., Europe, or China, will get their hands on the new Siri AI” in a post on X.

The Bull And Bear Case On AAPL Stock

Wedbush’s Dan Ives maintained his bullish framing, calling Apple the eventual “toll collector” of consumer AI and estimating AI could add $75 to $100 per share in value on top of the company’s roughly $100 billion services business.

UBS analyst David Vogt held a Neutral rating with a $296 price target.

Apple now reportedly pays Alphabet Inc. (NASDAQ:GOOGL) $1 billion per year to license Gemini, runs that inference on NVIDIA Corp. (NASDAQ:NVDA) hardware leased through Google’s cloud, and trains its own models on Google TPUs. That is three layers of Google dependency for a vertically integrated company.

What Prediction Markets Are Saying

Polymarket’s “What will Apple hit in June 2026?” ladder market assigns a 75% probability that AAPL trades at or below $288 by July 1, signaling near-term downside expectations.

The platform’s “Largest Company end of December 2026” market gives NVIDIA a 67% chance of holding the top spot, with Apple at 11%, trailing Alphabet at 15%.

“Will Apple release a foldable iPhone before 2027?” has surged to 90%.

A successful September hardware event and a firmer Siri AI date are what analysts point to as the catalysts needed to justify Apple’s 36x price-to-earnings premium.

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