Apple stock fell Monday on reports that the consumer electronics giant has delayed the release of an artificial intelligence-powered upgrade to its Siri digital assistant.
Citi analyst Atif Malik removed his firm's "90-day positive catalyst watch" on Apple stock, citing the Siri upgrade delay. However, he kept his buy rating on Apple stock with a price target of 275.
On the stock market today, Apple stock dropped 4.9% to close at 227.48. Earlier in the session, it was down as much as 6.2% to 224.22. With the move lower, Apple stock fell below its 200-day moving average line, a key support level. But, in a positive sign, Apple stock ended the regular session just above that critical support level.
On Friday, Bloomberg reported that Apple has delayed the Siri AI upgrade indefinitely. The company first demonstrated AI features for Siri last June at its Worldwide Developers Conference. Those features included the ability for Siri to tap into a user's personal information to answer queries and have more precise control over apps.
The Siri AI upgrade previously had been planned for release in April. Now it might not be released until next year, Bloomberg said.
The Siri upgrade delay likely will hurt iPhone sales, Citi's Malik said. He lowered his 2025 and 2026 iPhone unit sales estimates to 232 million and 244 million, respectively, to reflect the delay in the AI-enabled Siri.
Apple stock is in a 10-week consolidation pattern, according to IBD MarketSurge charts. Further Apple stock is on the IBD Tech Leaders list.
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