Apple's 50% Gain Over the Past Year Hasn't Put AI Concerns to Rest

Markets had been longing for Apple’s AI story to take shape, and although that story started at its WWDC event, it wasn’t quite the chapter that investors were hoping for. Apple showed it has a clearer AI strategy, but it did not completely silence concerns that it is still playing catch-up. Shares fell around 2% after the event, after a 50% rally in the last 12 months.

The centrepiece was Siri AI, a long-awaited overhaul designed to make Apple’s voice assistant more conversational, more contextual and more useful across apps. Apple also rolled out broader AI tools across areas like the Photos app, writing assistance and visual intelligence, while its developer tools will let apps tap into Apple Intelligence and on-device models. It will also lean on Google’s Gemini technology under the hood, a partnership that helps Apple move more quickly in AI without having to build everything from scratch. That adds some external dependency, but Apple’s strength has always been hardware and turning complex technology into simple, useful products that fit seamlessly into its ecosystem.

But the problem is timing. The new Siri won't arrive until later this year, with initial limits around language and availability in key markets. China and Europe won’t be getting Siri AI at launch, which is significant given that they are two of Apple’s most important markets. That is disappointing for investors hoping this would be the catalyst that powers the September iPhone 18 cycle.

There is no doubt that Apple has laid out a more credible AI vision, and with more than 450 million Apple Intelligence-capable iPhones already in users' hands, it doesn't need to win the AI race outright, it just needs AI to feel useful and seamless. If it can do that across the iPhone, Mac, Watch, Vision Pro and future devices, it has a huge opportunity to deepen loyalty and drive upgrades.

The question now is execution, and the market is telling Apple it wants to see actual delivery rather than more promises.