Apple Bets Big on Siri AI. Investors Aren’t Buying It. – Moby THE GIST
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Apple’s stock slid this week after the company announced its new “Siri AI” at its annual WWDC on Monday. Wall Street’s punishing the consumer tech giant for betting its big moment on “upgrading” a tool, Siri, that many already dislike or simply ignore.
But the market’s reaction may not be entirely Siri’s fault. It could be optics: Apple put Apple Intelligence front-and-center, trying to appear as a vanguard of the AI revolution without taking on any real risk.
WHAT HAPPENED
Long gone are the days of Apple’s infamous “1984” commercial where an unnamed heroine, dressed in what looks like a futuristic Hooters uniform, hurls a sledgehammer at Big Brother.
Siri AI will be Apple’s new, “profoundly more capable” assistant. The promise is a better-organized life: something that answers a quick question, surfaces a forgotten detail, or pulls up something specific from an earlier chat. Apple’s pitch is a second brain in the cloud, calibrated to the contours of your life — albeit within its own ecosystem — with deeper access to personal context, screen awareness, app actions, conversation history, and cross-device behavior.
The company insists Apple Intelligence handles all “personalization” locally and runs no training on your private content or interactions, a claim that has invited skepticism.
Apple staged the demo at its Cupertino campus, showing off a cleaner, more responsive Siri handling a chain of everyday multi-step requests. For example, asking about the World Cup, organizing a watch party for a specific game, and then planning country-specific dishes, all in one conversation. Apple then pushed it personal: a demo user asked Siri about something their son had texted them, then told Siri to draft a follow-up email on the subject because, well, time.
But neither the market nor Apple’s users were impressed. And many consumers are still upset that Apple’s iPhone 16 Pro never delivered on the company’s lofty promises (see Reddit comments).
WHY IT MATTERS
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Unlike its competitors in the AI arms race, Apple’s pitch is unique. As Scott Galloway, an NYU marketing professor and podcaster called it: A luxury brand posing as a tech firm, thanks to all the cool, sophisticated urbanites who use Apple products.
And two, Apple has a unique ecosystem that locks users into iPhones, MacBooks, and iPads. Apple has around 2.5 billion active devices, per Statista. Ten years ago, that number was one billion. That’s helped push Apple’s stock north of $317, an all-time-high, though it’s since slipped.
All that said, the Siri AI launch has no “wow” factor that the market looks for. It feels stale, forced, and at times even a bit absurd, offering solutions to problems that are mere annoyances. One video making the rounds shows a user asking Siri which water bottle they mentioned to their mom in a recent text exchange. Is this really an upgrade? Or is it just an AI Trojan Horse to make it seem like they’re upgrading things? The user could just…. call their mom for 25 seconds. She’d probably like that.
So these “upgrades” really aren’t focused on users. They’re self-serving moves for Apple’s roadmap. The company seems like it’s more concerned with weaving Apple Intelligence into every corner of its product stack than with whether anyone actually wants it there.
WHAT’S NEXT
Unfortunately, Apple appears to be running the same playbook: drop a mediocre upgrade on a tool everyone tolerates, dress it up with demos that feel cool for a day or two and then fade into the background.
Remember the camera control button on the iPhone 16? Some of our favorite social media comments about that include: “I haven’t found any benefits that make me press it more often,” and, “I’m forever pressing it accidentally.”
Worse, Apple is hardware-gating some upgrades. Older Apple Intelligence-capable devices — iPhone 15 Pro, 16, 16 Plus, M-series Macs with 8GB — still get Siri AI, but Apple withholds the top-tier voice and dictation upgrades from all of them, echoing a $250 million settlement mistake they are slyly trying to pull again.