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Apple shares hit an all-time record early Monday, but then came Siri AI and look out below

The shares of the tech giant dropped sharply as Siri AI failed to excite analysts.

By Alan Friedman

Published: Jun 09, 2026, 5:13 PM

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Apple iPhone models on a desk at an Apple Store.

Apple shares plunge after Siri AI is unveiled | Image by PhoneArena

As we pointed out yesterday, Siri AI is now available as part of the iOS 27 beta. While it is a big improvement over the previous version of Siri that you are probably familiar with, it still isn't quite at the same level as Gemini on my Pixel 6 Pro. As I noted in yesterday's article, it still is early, it still is in beta, and Apple will no doubt make improvements on the fly.

Siri AI is still not as good as other LLMs and equity analysts agree with us

Those who have dealt with Siri constantly referring them to website excerpts, or more recently, handing their queries over to ChatGPT, will be very impressed by Siri AI. There are times when it reverts to old behaviors such as answering a query with links to three different websites. Simply asking the question again will usually snap Siri out of it and generate an answer more in line with the new chatbot Siri.

Siri AI shows the weather in Salem Mass.

Not as visually appealing as Gemini on a Pixel, Siri AI can bring you the local weather. | Image by PhoneArena

During May, Apple shares rose 15% with the stock trading as high as $315. Last Friday, the final trading day before WWDC 2026, Apple closed at $307.40. The old saw goes, "Buy on the rumor, sell on the news," and that is exactly what happened.

Apple's shares hit a 52-week high early Monday and then collapsed

On Monday, optimism about WWDC 2026 took Apple to a new 52-week high of $317.40. But as Apple spoke about Siri AI at the developers conference, investors dumped the stock as the early morning bullishness melted away. By the time the dust settled and some iPhone users installing the iOS 27 developer beta were able to use Siri AI, the stock had closed at $301.54, down $5.80 or 1.89%.

If you can't buy the phone you want, which model would you accept?

Today, considerably more damage was done to Apple's shares as analysts and investors had the time to go through the WWDC presentation overnight. On Tuesday, Apple's stock plunged $10.99 or 3.64% to $290.55. This is Apple's lowest closing price since May 7 when it closed at $287.44.

One reason why optimism over Siri AI's beta appearance quickly turned into pessimism was revealed by global investment bank Morgan Stanley. The latter said that the 180-degree reversal in the stock took place because over 850 million active iPhone units will not be able to run basic Apple Intelligence queries when stable iOS 27 is released in September.

These iPhone units can run Siri AI on the iOS 27 beta

At the same time, more than 1.3 billion iPhone units will not be able to use advanced Siri features. The iPhone models that will run Siri AI on the iOS 27 beta include:

When the stable iOS 27 update is disseminated by Apple in September, all of the phones on that list along with the iPhone 18 Pro, iPhone 18 Pro Max, and the iPhone Fold/Ultra will also be able to use Siri AI. It should be pointed out that 12GB of unified memory is needed to run the most advanced Siri capabilities. Thus, only the iPhone Air, iPhone 17 Pro, and iPhone 17 Pro Max can adjust the pitch, pace, and expressiveness of Siri's voice.

Those three models are also the only iPhones that can handle advanced dictation including the automatic handling of punctuation, formatting, and capitalization as you speak.

Analysts wonder how Apple will profit from upgrading Siri

Returning to analysts' comments on Siri's update, some felt that the new Siri was not revolutionary enough to keep the stock at its 52-week high. Others wondered how Apple would monetize Siri AI.

KeyBanc analyst Brandon Nispel told clients that Apple had released "a slightly better standalone Siri, which is still worse than other LLMs (Large Language Models)."

Apple has less than three months to right the ship or else incoming CEO John Ternus is not going to be able to get his tenure as the tech giant's top executive off to a good start when he replaces Tim Cook on September 1.

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Alan, an ardent smartphone enthusiast and a veteran writer at PhoneArena since 2009, has witnessed and chronicled the transformative years of mobile technology. Owning iconic phones from the original iPhone to the iPhone 15 Pro Max, he has seen smartphones evolve into a global phenomenon. Beyond smartphones, Alan has covered the emergence of tablets, smartwatches, and smart speakers.

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