--- title: "Rejecting PPT, Wall Street only cares about delivery! WWDC 2026 will start, can the new Siri use \"execution\" to make Apple an \"AI winner\"?" type: "News" locale: "en" url: "https://longbridge.com/en/news/288837915.md" description: "Apple's WWDC 2026 will be held on June 9 and is seen as a key turning point to prove its AI execution capability. Wall Street expects the new version of Siri to transform into a versatile AI entity, supporting cross-application execution to shake off the embarrassment of slow implementation and drive stock price reevaluation" datetime: "2026-06-05T09:26:03.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/288837915.md) - [en](https://longbridge.com/en/news/288837915.md) - [zh-HK](https://longbridge.com/zh-HK/news/288837915.md) --- # Rejecting PPT, Wall Street only cares about delivery! WWDC 2026 will start, can the new Siri use "execution" to make Apple an "AI winner"? The Zhitong Finance APP noted that Apple's (WWDC.US) Worldwide Developers Conference (WWDC 2026) will officially kick off on June 9. After experiencing an awkward period over the past two years with slow AI feature rollouts and repeated delays in Siri upgrades, this conference is no longer just a routine software showcase—it is widely seen on Wall Street as a critical turning point for Apple to prove its AI execution capabilities to the market and to drive its stock price into a new round of revaluation. As of the market close on June 4, Apple's stock price was reported at $311.23, with a market capitalization maintained above $4.57 trillion, reflecting an annual increase of about 15%. However, Morgan Stanley pointed out that the driving force behind this performance mainly comes from the resilience of the iPhone and services base, and the AI narrative has not truly "added points" to Apple—this stands in stark contrast to companies like NVIDIA and Dell, which have directly realized performance gains from the explosion of AI computing power. For this reason, the expectations surrounding this WWDC are particularly heavy: whether Siri can move from demonstration to delivery will determine whether Apple can be revalued as an "AI winner." ## Siri Undergoes a "Chip" Change, Apple Shifts to Platform-based AI According to the latest research report released by JPMorgan on June 3, the core highlight of this WWDC is undoubtedly the comprehensive overhaul of Siri. In the past, the market often harbored doubts due to Apple's ambiguity regarding the timeline for AI implementation, but Apple's recent clear emphasis on "AI progress" in the WWDC agenda reveals its strong confidence in delivering (tangible, substantive) AI features. Current consensus expectations on Wall Street indicate that the new version of Siri will completely shed the stereotype of being a "voice assistant" and transform into an all-encompassing AI agent: Transformational Changes: Apple is expected to launch an independent Siri application with capabilities equivalent to a complete chatbot, embedding a persistent "search or inquire" interface within the Dynamic Island. Global and Cross-Application Execution: The new Siri will support multi-command input in a single query, achieving cross-application agentic task execution, and will fully replace Spotlight as the primary system-level search interface. Fundamental Restructuring and Platform-based Distribution: Particularly noteworthy is that Apple is expected to shift the foundational layer of Siri and Apple Intelligence to a Gemini-based foundational model, emulating the selection mechanism of search engines, allowing users to distribute external queries to more third-party models beyond ChatGPT, moving towards an "AI distribution platform." In this regard, Morgan Stanley analyst Eric Wu gave high praise. Morgan Stanley pointed out that the contribution of AI factors to Apple's stock price had not been fully priced in by the market, and the low expectations have created a perfect "favorable environment." If the conference can present a polished vision of an "intelligent agent," its valuation is expected to rise from the current basic target price of $330 to as high as $385. Goldman Sachs also believes that by completely reshaping Siri, Apple will quickly establish its leading position in the consumer AI space ## Foldable iPhone and the "Combination Punch" of High-End Product Cycles In addition to innovations in pure software and underlying models, Wall Street bulls are more eager to see the direct transmission of AI momentum to hardware sales. JP Morgan pointed out that WWDC will serve as the starting point for Apple's stronger product release rhythm, igniting market enthusiasm for the new product cycle in the fall. The core excitement in the market lies in the debut of a brand new hardware form. The most anticipated product is the foldable iPhone, with the new system iOS 27 specifically optimized for the foldable iPhone set to launch later this year, including support for running applications side by side, iPad-like multitasking, and a brand new sidebar. Secondly, the macOS 27 system will introduce a touch-friendly interface for the upcoming MacBook with a touchscreen and Dynamic Island. Goldman Sachs and Wedbush emphasized in their latest outlook that this is not merely a technology showcase. As the base model of the iPhone 18 series is expected to be delayed until the first quarter of 2027, this timing difference in product releases will create a unique structural tailwind—prompting many consumers eager to experience AI features to directly purchase high-end models like the iPhone 18 Pro and Pro Max this fall, significantly optimizing Apple's product shipment structure and average selling price (ASP). ## Bulls Optimistic About Apple's "Revaluation" **Morgan Stanley is the most representative bull, maintaining an "overweight" rating on Apple with a target price of $330**, and providing a clear scenario analysis. If the conference presents a convincing roadmap for the Siri→Agent entry point, the valuation could rise to $365–385; if it further opens up the AI monetization blueprint, it could optimistically reach $440. The core reason is simple—Apple's moat built on "privacy-first + hybrid (edge/private cloud) architecture + multi-model collaboration" makes it more of a distribution platform rather than a single model player in the AI era. Once the narrative flips, the valuation range will be reopened. **Goldman Sachs maintains a "buy" rating on Apple with a target price of $340.** The firm approaches this from an "industry positioning" perspective, believing that this WWDC may be the true starting point for Apple's AI strategy to take shape. Goldman Sachs' expectations focus on two points: the new version of Siri's personal context understanding + screen awareness + cross-application execution providing a verifiable timeline; Apple allowing users to choose different large model suppliers within the Apple Intelligence system—if realized, Apple would transition from not doing AI itself to operating as an "App Store-like traffic entry point in the AI era." **Bank of America raised its target price from $330 to $380**, with a longer but more direct logic chain: if Siri successfully operates as "agent-type AI," it could bring in an additional revenue range of $15 billion to $65 billion by fiscal year 2030, coming from higher-value software layers, developer tools, and AI-driven services. **Wedbush has pushed its target price to a high of $400**, betting on a multi-model ecosystem and the resonance of foldable hardware in the second half of the year to ignite expectations for consumer-grade AI ## Short Sellers: The story is good, but beware of "default history" **UBS maintains a "neutral" rating on Apple, with a target price of only $296, clearly warning investors that "they may be disappointed with WWDC."** UBS's logic does not deny the AI direction, but denies that delivery can be made this time: Siri's enhanced features have historically faced multiple delays (2024 debut → pushed to 2025 → some features may even be rolled out in bulk to iOS 26.5 or iOS 27), and this conference is likely to remain primarily in a testing phase, with limited short-term catalysts; if there are further delays or iPhone demand falls short of expectations, the stock price may face a risk of correction. Morgan Stanley actually echoes this concern—its discussion around a $330 baseline target price specifically emphasizes: **"Execution remains a core challenge,"** and the degree of realization of Siri 2.0 is the key to whether the narrative can truly switch, rather than the demonstrations at the launch event itself. **The most pessimistic Barclays firmly maintains a "reduce" rating, with a target price of $253.** The firm clearly warns that hardware device growth is facing a phase bottleneck, and the recent rebound has already overdrawn too many AI expectations, while rising costs will severely erode gross margin performance in the second half of the year. ## The market awaits June 9th For Apple, the exam question for this WWDC is very clear: the market does not care how much you have prepared, but how much you can deliver to users. JPMorgan's Gemini underlying switch theory, Goldman Sachs' AI traffic entry theory, and Morgan Stanley's valuation reassessment framework—all these multi-billion narratives ultimately fall to the same testing standard: can the new version of Siri really "understand," be stable, user-friendly, and provide a timeline that does not make UBS say "I told you so." Despite significant bullish and bearish divergences, if we extend the timeline, historical probabilities still favor the bulls. Historical data compiled by JPMorgan shows that in most years over the past decade, due to the dual hedging of rising expectations for WWDC and the fall product launches, Apple's stock price typically outperforms the S&P 500 index from early June to mid-September, with an average excess return rate of about 11%. ![image.png](https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20260605/1780651109632741.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg) With the freshness of foldable screen innovations and the AI expectations empowered by Gemini, can Apple replicate this typical outstanding performance again in the summer of 2026? ### Related Stocks - [AAPL.US](https://longbridge.com/en/quote/AAPL.US.md) - [AAPB.US](https://longbridge.com/en/quote/AAPB.US.md) - [AAPD.US](https://longbridge.com/en/quote/AAPD.US.md) - [AAPU.US](https://longbridge.com/en/quote/AAPU.US.md) - [AAPX.US](https://longbridge.com/en/quote/AAPX.US.md) - [AAPY.US](https://longbridge.com/en/quote/AAPY.US.md) - [APLY.US](https://longbridge.com/en/quote/APLY.US.md) ## Related News & Research - [Will WWDC Drive Apple Stock (AAPL) Higher? 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