Apple loses $230 billion after Siri AI reveal

Apple shares fell from an intraday high near $317 to close at $301.54 on June 8, a roughly 4.95% swing from the peak that erased about $230 billion in peak market value after investors reacted lukewarmly to the company’s WWDC announcements. Traders who pushed the stock higher during the event reversed course by the close.

At the Worldwide Developers Conference, Apple unveiled a rebuilt Siri AI that uses Google technology for advanced language processing and introduced Apple Intelligence, a set of generative features integrated across iOS and the company’s other operating systems. The company described the new Siri as more conversational and context-aware and said Apple Intelligence will add generative functions to core device software.

Market participants pointed out that relying on Google for Siri represents a departure from Apple’s long-standing focus on in-house silicon and software. Some analysts called the arrangement a pragmatic way to speed capability development; others said it reflected differences from firms that specialize in large language models and generative AI.

Observers described the trading pattern around the announcement as “buy the rumor, sell the news,” with gains built on expectations ahead of the event and selling afterward. The pullback at Apple also came amid other major AI developments: OpenAI filed confidentially for an IPO and Anthropic submitted a confidential S-1. At the same time, chipmakers are competing for AI data-center business, with new products targeting incumbent vendors.

The stock move coincided with market commentary linking AI and digital assets as correlated trades. Firms that shifted from crypto-focused operations to leasing data-center capacity to AI customers face exposure if demand for AI compute weakens.

Analysts and investors said the next steps for Apple include shipping the announced features on schedule and showing the Google-powered system meets user expectations while maintaining the company’s stated privacy protections. Performance, timing and privacy compliance are likely to shape reactions in coming quarters.