Apple Advances Siri and Apple Intelligence at WWDC

Overview

• Apple unveiled an upgraded Siri and a broader Apple Intelligence initiative at WWDC that the company says will run foundation models on devices and via private cloud compute.
• Bernstein reported that Apple’s next‑generation foundation models were built in collaboration with Google using Gemini technology, a detail that helps explain how Apple plans to power on‑device AI.
• Several firms including TD Cowen, Maxim and Bernstein raised price targets to about $350 and kept Buy or Outperform ratings, citing the WWDC announcements and a planned Siri beta later this year.
• Investors pushed the stock lower after WWDC because many judged the event to fall short of the high expectations that had built before the conference.
• The conference is being framed by analysts as an early but meaningful step toward monetizing AI in Apple’s ecosystem, with the near term focused on beta rollouts, service packaging and measuring user uptake.