Apple Loses $230 Billion in Market Value After Siri AI Overhaul Fails to Impress Investors
By
Shiraz Jagati
A baker's-dozen of insight crammed into one ring.
Summary
Apple's stock dropped nearly 5% from its intraday high during WWDC on June 8, erasing approximately $230 billion in market value, after the company's unveiling of an AI-powered Siri overhaul and Apple Intelligence platform failed to impress investors. The stock climbed to about $317 during the event but closed at $301.54, reflecting a classic 'sell the news' reaction to what was Apple's biggest AI push yet.
Key quotes
· 3 pulledApple shares swung nearly 5% from their intraday high, erasing about $230 billion in market value, after the company's long-awaited Siri AI overhaul drew a muted reaction from investors.
A 'Sell the News' Moment for Apple's AI Reset
after climbing as high as about $317 a share during the event, the stock reversed and closed at $301.54
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