--- title: "After Two Years of Siri Delays, Apple Faces Its AI Reckoning Tonight" type: "News" locale: "en" url: "https://longbridge.com/en/news/289027845.md" description: "Apple is set to unveil a revamped Siri at WWDC, powered by the Gemini model as a standalone app to compete with ChatGPT. This move is seen as key to rebuilding trust in its AI capabilities; if successful, it could generate $15–30 billion in incremental revenue by fiscal year 2030. However, analysts warn that optimistic expectations are already fully priced in, citing divergent views and maintaining a neutral rating" datetime: "2026-06-08T08:58:37.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/289027845.md) - [en](https://longbridge.com/en/news/289027845.md) - [zh-HK](https://longbridge.com/zh-HK/news/289027845.md) --- # After Two Years of Siri Delays, Apple Faces Its AI Reckoning Tonight After two years of delays, Apple faces a battle tonight that it must win. At the keynote address of its annual Worldwide Developers Conference (WWDC), Apple will officially present a comprehensive overhaul of Siri—this is not just a product launch, but a critical moment for Apple to rebuild market trust in its AI strategy. As expected by the market, the new Siri will be driven by Google’s Gemini as its underlying model, debuting as a standalone app with features directly competing with ChatGPT and Claude, including support for multi-turn conversations. This upgrade, shelved for two years, is expected to be included in iOS 27, scheduled for release this September. JPMorgan analyst Samik Chatterjee previously noted that Apple rarely listed “AI advancements” on its WWDC agenda, which analysts interpreted as confidence that these upgrades would land on schedule. For investors, the weight of this keynote extends far beyond the product itself. Bank of America analyst Wamsi Mohan estimates that **if Siri successfully evolves into an AI agent, it could bring $15 billion to $30 billion in incremental revenue to Apple by fiscal year 2030, contributing $2 per share in earnings accretion.** Apple’s stock has risen 14% year-to-date, hitting a historic high of $315 earlier this month, with a current P/E ratio of 33.4x, above the five-year average of 27.6x. However, there is significant divergence in the market regarding whether Apple can deliver on its promises. MoffettNathanson analyst Craig Moffett warned this week that “the backdrop entering WWDC 2026 is strikingly similar to 2024—when all optimistic sentiment around AI was already fully priced in.” He maintains a neutral rating on Apple with a price target of $270, more than 14% below the current stock price. ## Major Siri Overhaul: From Voice Assistant to AI Agent Apple’s ambition for this Siri restructuring goes far beyond a simple feature iteration. According to reports, **the revamped Siri will launch as a standalone app, featuring a persistent “Search or Ask” entry point in the Dynamic Island, and is expected to replace Spotlight as the system-wide global search entry point on iPhone.** This means that every time a user initiates a search at the system level, traffic will flow through Siri. In terms of functionality, the new Siri is expected to have the ability to execute multi-step commands across apps, supporting continuous operations triggering multiple apps with a single phrase; it will also introduce screen awareness, allowing Siri to read current screen content and combine it with user personal data to provide answers. The Camera and Photos apps will integrate visual intelligence to identify real-world objects and provide AI-powered photo editing. Bank of America’s Mohan pointed out that Apple needs to evolve Siri into “an agent capable of understanding intent, retrieving context, calling applications, and completing workflows.” He wrote that unlike general AI models, smartphone-based agents can understand the user’s location, screen content, who they are communicating with, their schedule, historical spending, and authorized app permissions, forming true personalization capabilities. “The near-term risk lies in execution,” he added. ## Underlying Architecture Adjustment: Gemini Takes the Lead, ChatGPT’s Advantage Narrows This Siri restructuring also signifies a reshuffling of Apple’s AI partnership landscape. Previously, Apple’s AI architecture was based on self-developed models, with ChatGPT as the sole external access option. The new framework is expected to resemble an AI query distribution platform—Gemini will become the underlying foundation model for Siri, while users can freely choose to route questions to different third-party models, similar to switching default search engines in Safari. ChatGPT will retreat from its exclusive status to a position alongside other third-party models. JPMorgan’s Samik Chatterjee expects this new architecture to open up multiple third-party AI model options for users. For Google, this is a significant ecological penetration; for OpenAI, the exclusive advantage is disappearing; for Apple, this is a strategic choice to build AI capabilities as infrastructure—the platform belongs to Apple, while model competition is left to the market. ## Wall Street Divergence: Optimistic Expectations Coexist with Historical Warnings On the eve of this WWDC, Wall Street analysts’ attitudes show clear divergence. The bullish camp is represented by Bank of America’s Mohan, who gives Apple a buy rating with a price target of $380. He believes that if Apple can successfully address the two core challenges of cross-app secure communication and sensitive data processing, Siri’s transformation into an agent will release substantial earnings increments in fiscal year 2030. Craig Moffett, taking a cautious stance, highlights valuation risks. He points out that Apple’s current P/E ratio of 33.4x is higher than the five-year average of 27.6x. **To support this valuation, Apple must prove that AI features can trigger a larger-scale iPhone upgrade cycle or monetize AI through service revenue.** “WWDC must provide evidence of genuine qualitative change,” he wrote, noting that “Apple Intelligence, after a two-year delay, is now priced by the market as a catalyst rather than a risk—just as it was in 2024.” ## Autumn Product Lineup: Foldable Screen Debut, Pricing Becomes the Biggest Variable Beyond tonight’s keynote, Apple’s hardware lineup for the second half of the year is also drawing market attention. **The foldable iPhone is the biggest new variety, marking Apple’s first introduction of a foldable form factor.** iOS 27 is expected to be specifically optimized for it, including dual-column app layouts, iPad-like multitasking modes, and new sidebar designs. A touchscreen MacBook will also debut during the same period, with macOS 27 introducing a touch-friendly interface and integrating the Dynamic Island on the MacBook. Pricing is the biggest uncertainty. JPMorgan expects that, due to memory cost pressures, the iPhone 18 series may see a price increase of about $50. Notably, the standard iPhone 18 is not expected to be released until the first quarter of 2027, with the Pro, Pro Max, and foldable models leading the charge in the autumn—this staggered release rhythm will objectively drive users toward high-end models. Historical data shows that Apple’s stock performance during the window between WWDC and the autumn product launch has been quite stable. Over the past decade (2016 to 2025), Apple outperformed the S&P 500 index in most years from early June to mid-September, with an average excess return of about 11%. This year, superimposed with variables such as foldable form factor innovation, substantial Siri restructuring, and the first appearance of a touchscreen Mac, the market’s imagination space is more ample than in previous years. However, execution risks are equally real. Whether AI features can land on schedule, whether the quality control and pricing of the foldable screen will be accepted by consumers, and whether the price hike strategy will impact shipment volumes are all questions awaiting verification. As Mohan stated, “The near-term risk lies in execution”—and this is precisely the core question that tonight’s keynote needs to answer. Risk Disclosure and Disclaimer The market carries risks; investment requires caution. This article does not constitute personal investment advice, nor does it take into account the specific investment objectives, financial status, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article align with their specific circumstances. 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