Apple shares rose 0.3% in early premarket trading on Monday as the company opened its Worldwide Developers Conference, where a revamped Siri assistant is expected to take center stage. The move came as AAPL stock hovered near record highs and investors prepared for the first real test of whether Apple can turn its AI pitch into something that supports the shares.
For Tim Cook, this WWDC carries more than the usual product theater. It is described as the last one he will attend as chief executive, and the keynote is set for 10 am PT as Apple begins a conference that runs from Monday to June 12. The market is watching for overhauled Siri, new AI capabilities and refreshed operating systems across the iPhone, iPad, Mac, smartwatch, TV set-top box and Vision Pro headset.
That attention is easy to explain. Apple stock is up 13.3% year to date, just behind the Nasdaq’s 14.5% rise, and it has largely shrugged off the volatility that has hit much of big tech. The company has also kept capital spending at a steadier level than several of its peers, a contrast that has helped preserve its reputation as a disciplined operator even while it leans harder into software and artificial intelligence.
But the valuation leaves little room for disappointment. Apple’s 12-month forward price-to-earnings ratio stood at 33.7x, and analysts have been asking whether a better Siri is enough to justify that multiple. MoffettNathanson put the point bluntly, saying the real question is not whether Apple will announce a better Siri, but whether a better Siri justifies a valuation that already assumes it works. Wedbush has been more optimistic, arguing that AI-related services could add $75 to $100 a share to Apple’s value.
Apple has already signaled some of the direction of travel. In January, it said its next-generation AI features on its devices would be powered by Google’s latest AI technology, and the iPhone 17 has helped drive record revenue for the company in the last two quarters. Still, the gap between what Apple has hinted at and what it can actually show on Monday is where the stock will move. If the keynote delivers a credible overhaul of Siri and a clearer AI roadmap, the rally can keep its footing; if it falls short, a richly priced AAPL stock will be harder to defend.
