After climbing roughly 3% from $307.34 to $317.40 in the initial hours of the June 8 session, Apple (NASDAQ: AAPL) stock plunged 4.88% to its latest closing price of $301.54 for a $220 billion market capitalization wipe relative to the intraday highs.
The fall coincided with the Siri AI – the new and revamped version of the Siri assistant – presentation during the company’s Worldwide Developers Conference (WWDC).
Despite the timing, the exact reasons for the sudden downturn remain somewhat unclear, though the move represents a curious mirroring of a relatively established pattern of artificial intelligence (AI)-linked companies seeing their stocks crash soon after discussing ostensibly highly anticipated products or financial results.
Why Apple stock crashed 4.88% amidst Siri AI presentation
At press time on June 9, there appear to be a handful of likely culprits for the drop. To begin with, the launch of Siri AI is arguably more limited than stakeholders might have hoped.
Specifically, Apple revealed that the product would not, for the time being, be coming to two major markets – the European Union and China – largely due to leftover regulatory challenges.
The revelation that the English-only beta for Siri AI would be coming later in 2026 could have also contributed to the weakening of bullish sentiment, as the markets might have been hoping for a more complete product and a faster rollout.
Another possibility might be the AAPL shares’ morning rally, as they, having reached above $317.40 before the fall, crossed above the previous 2026 closing highs and recorded a new 52-week and all-time high (ATH).
Under the circumstances and given the AI stock volatility observed in recent months, investors might have taken the enticing selling opportunity.
Apple’s tenuous history with the AI boom
Lastly and most tentatively, Apple has been plagued with poor timing in its dealings with the AI boom. The blue-chip technology giant was tardy in terms of joining the race, expending significant time and resources on a now-cancelled electric vehicle (EV) project into early 2024.
More recently, June 2026 brought a deluge of concerns regarding the costs of the technology and its actual usefulness, while consumers have grown increasingly opposed to adoption between the environmental damage from data centers and big tech’s insistence on implementing AI into nearly every widely used product.
2026 Apple stock price performance
Meanwhile, the mid and long-term effects of the new assistant version remain somewhat unclear. Along with dropping nearly 5% from intraday highs, Apple stock is down 1.89% on the daily chart and extended the fall with another 0.28% in the June 9 pre-market.
Additionally, while AAPL shares are in the green year-to-date (YTD), they rose only 11.27% to $301.54 for only a slight outperformance relative to the benchmark S&P 500 stock market index, which is up 7.98% within the same timeframe.
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