Apple Stock Reverses From Record High Post-WWDC

Apple stock hit an all-time intraday high of $317.40 on June 8, 2026, during the WWDC keynote, but reversed to close at $301.54, down 1.89% [1]. The decline stood out against a rising market, with the S&P 500 up 0.30% and the Nasdaq gaining 0.86%, signaling a specific investor verdict on the company's Siri AI unveiling [1]. Selling continued into June 9, pushing shares near $290, a pattern reminiscent of the drop following the iPhone 17 launch in September 2025 [1]. The stock has effectively shifted from a hardware to an AI valuation, expanding its price-to-earnings multiple to roughly 36x, making every major event a strict test of that premium [1].

Analysts pointed to the lack of a firm timeline for the full Siri AI rollout as the primary friction point, despite the announcement of a developer beta and a consumer release planned for this fall [1]. Veteran analyst Gene Munster noted the absence of a specific date drove the decline, while others viewed the technology as catching up to rivals rather than surpassing them [1]. This delay feeds a narrative that Apple is two years behind competitors like Google and OpenAI, a concern amplified by a Wall Street Journal ranking that placed Apple last among megacap peers in AI readiness [1].

Wall Street remains deeply divided on the value of this pivot. Wedbush’s Dan Ives maintained an Outperform rating with a $400 price target, arguing AI could add $75 to $100 per share through a massive upgrade cycle and efficient capital spending [1]. Conversely, UBS held a Neutral rating with a $296 target, suggesting the AI premium is already fully priced in, while bearish projections put a floor near $215 if the multiple contracts to historical hardware levels [1].

The market is currently pricing a tug-of-war between a $400 bull case built on two billion devices and a $215 bear case hinging on a stretched multiple and a delayed product [1]. The next test arrives in September 2026, when John Ternus takes over as CEO and Apple is expected to launch a foldable iPhone alongside a firmer Siri AI ship date [1].