Apple Inc. (NASDAQ: AAPL) shares have fallen approximately 8% since the company held its annual WWDC 2026 developer conference on Monday, June 8.
The selloff came despite Apple showcasing functional generative AI capabilities across its device lineup for the first time at the event.
Markets appeared disappointed that Siri AI will only launch in beta form later in 2026, with an initial rollout limited to the United States.
Key markets including Europe and China are excluded from the early Siri AI rollout, raising concerns about the pace and scale of Apple’s global AI deployment.
Wall Street had been anticipating a more aggressive agentic AI announcement from Apple, and the company’s presentation fell short of those elevated expectations.
Apple did signal a shift in how it handles AI workloads, with the company beginning to use its own cloud infrastructure as a testing environment for heavier artificial intelligence usage.
Following the conference, Morgan Stanley analyst Erik Woodring raised his firm’s price target on Apple from $330 to $360 on June 9, while maintaining a Buy rating on the shares.
Woodring stated that WWDC demonstrated clear progress on Apple’s AI roadmap and pointed to an earlier monetization opportunity than Morgan Stanley had previously anticipated.
However, Woodring cautioned that Apple’s intelligence improvements will take time to fully materialize, describing WWDC as “a step in the right direction” that should continue to improve.
Despite the post-conference decline, Wall Street broadly still sees more than 10% upside in Apple shares from current levels.
The stock is held by 170 hedge funds, reflecting continued institutional confidence in the company’s long-term trajectory even as near-term AI delivery timelines disappoint.
Apple designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and home accessories, while also providing digital services including iCloud, Apple Pay, Apple TV+, and the App Store.
The central question for investors now is whether Apple can accelerate its AI rollout to satisfy market demand before competitors further entrench their positions in the generative AI space.
