Gene Munster of Deepwater Asset Management has offered insights into the recent decline in Apple Inc.'s stock value. This downturn was observed after a report surfaced regarding potential delays in certain features of Apple's virtual assistant, Siri. Despite the temporary setback, Munster posits that the relatively small dip in share price suggests that investors currently hold subdued expectations for the comprehensive capabilities of Apple Intelligence. He maintains a bullish outlook on Apple's ability to eventually enhance its artificial intelligence offerings, predicting significant long-term gains from personalized AI advancements.
On Wednesday, as news of the Siri feature delay spread, Apple's stock experienced a modest 1.2% reduction. This movement was noted by Munster on the social media platform X, referencing a report from Bloomberg columnist Mark Gurman indicating a three to four-month postponement for the new Siri functionalities. In contrast to the Nasdaq's overall 0.3% decline, Apple's limited fall underscored what Munster described as the "low bar investors have on Apple Intelligence's potential."
Munster further elaborated that a more substantial drop in stock price would have occurred if market participants had greater anticipation for the updated Siri. He concluded that Apple Intelligence still represents a valuable option for investors, expressing confidence that the company will ultimately succeed in this area and become a major beneficiary in the burgeoning personalized AI sector. Following these events, Apple's shares concluded Wednesday's regular trading session with a 0.67% gain, further increasing by 0.15% in after-hours trading to reach $275.90, according to data from Benzinga Pro.
Bloomberg's report, citing internal sources, revealed that Apple's ambitious plans for overhauling Siri have encountered obstacles during testing. The tech behemoth reportedly plans a phased rollout of new features, with some updates now slated for iOS 26.5 and even iOS 27. Issues discovered during internal evaluations included Siri's difficulty in processing certain queries, slower response times, and inconsistencies in accuracy. Apple has yet to issue an official statement regarding these reports. The projected launch timeline for Siri in 2026, which had been previously delayed, now faces renewed uncertainty for some features, despite earlier assurances from company executives prioritizing reliability over strict deadlines.