For over a year, Apple (AAPL.US) has made slow progress in integrating artificial intelligence features into its voice assistant, Siri. Concerns that the new features might be delayed again are currently putting pressure on the company’s stock price.
Apple’s stock price fell 5% on Thursday, wiping $202 billion (approximately RMB 1.4 trillion) off its market capitalization in a single day. This marks the second-largest single-day market value decline since the company went public, second only to the $311 billion drop on April 3, 2025, which was driven by tariff concerns.
The recent sell-off is linked to media reports stating that Apple has encountered technical obstacles during testing of related features, potentially further postponing the launch of highly anticipated new Siri functionalities. According to the original plan, the new version of Siri was supposed to debut with the iOS 26.4 update in March. However, the current adjustment delays the rollout of initial features to May with iOS 26.5, while other functionalities might even be pushed back to September with the release of iOS 27.
In response to these reports and the sharp stock price fluctuation, Apple issued a statement confirming that the new Siri will still be launched within 2026. Analysts believe this statement is more about upholding the “deliver within the year” commitment rather than denying specific postponements.
Mark Newman, an analyst at Bernstein, noted in a report this week that the successful launch of next-generation AI features and the upgraded Siri is critically decisive for the direction of Apple’s stock price.
This delay is the latest setback for the Siri upgrade plan. The enhanced version of Siri was unveiled at Apple’s Worldwide Developers Conference in June 2024. Originally scheduled for an early 2025 release, it was first delayed to 2026, and is now facing further delays in its rollout.
In addition to the slow progress with Siri, Apple is also facing cost pressures from rising prices of memory and storage chips. Driven by supply-demand imbalances fueled by AI development, chip prices continue to rise, putting pressure on Apple and numerous other tech companies. Investors are deeply concerned about this. Newman estimates that component costs for new iPhones could increase by 15%. However, he also pointed out that despite supply and cost constraints, Apple’s response remains superior to its peers. While memory price hikes drag on iPhone gross margins, their impact on earnings per share is “relatively limited.”
Newman believes Apple’s performance in the AI field this year will be a crucial driver for its stock price. As of now, Apple’s stock price has accumulated a decline of approximately 3% since the beginning of the year.
Amit Daryanani, an analyst at Evercore ISI, stated in a report that Apple’s meticulous refinement of its upgraded features reflects its emphasis on user privacy protection. He stressed that Apple’s prioritization of data security and system compatibility before launching new features is key to ensuring product maturity.
