Refusing PPT, Wall Street only looks at delivery! Will WWDC 2026 be the start, can the new Siri use "executive power" to make Apple Inc. (AAPL.US) become the "AI winner"?

Attention please, Apple Inc.'s Global Developers Conference (WWDC 2026) will officially kick off on June 9th. After experiencing embarrassing delays in the implementation of AI features and repeated delays in the upgrade of Siri over the past two years, this conference is no longer just a routine software showcase - it is widely regarded on Wall Street as a critical turning point for Apple Inc. to prove its AI capabilities to the market and drive its stock price into a new round of revaluation. As of the close on June 4th, Apple Inc.'s stock price was $311.23, with a market value above $4.57 trillion and a year-to-date increase of about 15%. However, behind this report card, Morgan Stanley points out that the resilience of the iPhone and service fundamentals has been the main driver, and the AI narrative has not really added any points to Apple Inc. - this is in stark contrast to companies such as NVIDIA Corporation and Dell Technologies, Inc. Class C that have directly capitalized on the AI computing power explosion. As a result, the expectations carried by this WWDC are particularly heavy: whether Siri can go from demonstration to delivery will determine whether Apple Inc. can be revalued as an "AI winner". Siri changes its "core", Apple Inc. shifts towards platforming AI According to the latest report released by JPMorgan on June 3rd, the core focus of this WWDC is undoubtedly the comprehensive overhaul of Siri. In the past, the market had doubts about Apple Inc.'s vague timeline for AI implementation, but Apple Inc.'s clear emphasis on "AI progress" in the WWDC agenda reveals its strong confidence in delivering tangible AI functionality. The current consensus on Wall Street expects the new Siri to completely break away from the stereotype of a "voice assistant" and transform into a versatile AI intelligent entity: Form transformation: Apple Inc. is expected to launch a standalone Siri application with functionality equivalent to the full chatting Siasun Robot & Automation, embedding a permanent "search or inquire" interface within the dynamic island. Global and cross-application execution: The new Siri will support multiple command inputs in a single query, achieve agentic task execution across applications, and fully replace Spotlight as the primary search interface at the system level. Underlying restructuring and platformized distribution: Of particular note, Apple Inc. is expected to shift the underlying layer of Siri and Apple Intelligence to a Gemini-based basic model, mimicking the selection mechanism of search engines and allowing users to distribute external queries to more third-party models beyond ChatGPT, moving towards an "AI distribution platform". In response, Morgan Stanley analyst Eric Woodlin provided high praise. Morgan Stanley points out that the previous contribution of the AI factor to Apple Inc.'s stock price was not fully priced in by the market, low expectations actually constitute a perfect "good news bed", and if the conference can present a perfect "intelligent entity" vision, its valuation may rise from the current basic target price of $330 to as high as $385. Goldman Sachs Group, Inc. also believes that by completely reshaping Siri, Apple Inc. will quickly establish its leading position in the consumer AI field. Foldable screen iPhone and the "combination punch" of high-end product cycle In addition to software and underlying model innovations, the bulls on Wall Street are more excited to see the direct transmission of AI momentum to hardware sales. JPMorgan points out that WWDC will mark the start of a stronger product launch rhythm for Apple Inc., igniting market enthusiasm for the fall season's new product cycle. The core excitement in the market lies in the debut of new hardware forms. The most anticipated product is the foldable screen iPhone, with the new iOS 27 system specially optimized for the foldable screen iPhone expected to be launched later this year, including support for side-by-side running apps, iPad-like multitasking, and a new side panel. Additionally, the macOS 27 system will introduce a touch-friendly interface for the upcoming MacBook with touch screen and dynamic islands. Goldman Sachs Group, Inc. and Wedbush emphasized in their latest forecasts that this is not just a mere tech show. As the basic model of the iPhone 18 series base model is expected to be delayed until the first quarter of 2027, the time difference in the release of these products will create a unique structural tailwind - prompting a large number of consumers eager to experience AI features to directly purchase high-end models such as the iPhone 18 Pro and Pro Max this fall, thereby significantly optimizing Apple Inc.'s product shipment structure and average selling price (ASP). Bulls see Apple Inc.'s valuation "re-evaluated" Morgan Stanley is the most representative bull, maintaining an "overweight" rating on Apple Inc. with a benchmark target price of $330, and providing a clear scenario analysis. If the conference presents a convincing SiriAgent portal roadmap, the valuation could reach $365-385; if it further opens up the AI monetization blueprint, it could be as optimistic as $440. The core reason is simple - Apple Inc.'s moat built on "privacy-first + hybrid (edge/private cloud) architecture + multi-model cooperation" makes it more like a distribution platform in the AI era rather than a single-model player, and once the narrative shifts, the valuation range will be reopened. Goldman Sachs Group, Inc. maintains a "buy" rating on Apple Inc. with a target price of $340. The bank approaches from an "industry positioning" perspective, believing that this WWDC may be the true starting point for Apple Inc.'s AI strategy to come to fruition. Goldman Sachs Group, Inc.'s expectations focus on two points: a confirmed timeline for the enhanced personal contextual understanding of the new Siri + screen awareness + cross-application execution; Apple Inc. allowing users to choose different large model suppliers within the Apple Intelligence system - if implemented, Apple Inc. will shift from not doing its own AI to operating as a "traffic entry point for the AI era". Bank of America Corp. has increased its target price from $330 to $380, with a longer but more direct logic chain: if Siri can successfully run "agent AI", it could bring in revenue in the range of $15 billion to $65 billion by fiscal year 2030, from higher-value software layers, developer tools, and AI-driven services. Wedbush has pushed its target price to a higher level - $400, betting on a multi-model ecosystem + resonance of hardware such as the foldable screen in the second half of the year, igniting expectations for the consumer AI center. Bearish: The story is great, but beware of the "history of delays" UBS Group AG maintains a "neutral" rating on Apple Inc. with a target price of only $296, explicitly warning investors that they "may be disappointed with the WWDC." UBS Group AG does not deny the direction of AI, but rather doubts that it can be delivered this time: Siri's enhanced functionality has been delayed multiple times in the past (initially in 2024pushed back to 2025 to 2026some features may even be delayed to iOS 26.5 or iOS 27), this conference will most likely still focus on testing, with limited short-term catalysts; if there is further delay or demand for the iPhone is less than expected, the stock price faces the risk of a correction. Morgan Stanley also hints at this concern - its discussion of the $330 benchmark target price specifically emphasizes: "Execution is still the core challenge", the extent to which Siri 2.0 is realized is the key to whether the narrative can truly switch, rather than the demonstration itself at the conference. The most pessimistic, Barclays, staunchly maintains a "underweight" rating with a target price of $253. The bank explicitly warns that hardware device growth has reached a bottleneck, and the recent rebound has already priced in too many AI expectations; rising costs will seriously erode the gross margin performance in the second half of the year. The market is eagerly awaiting the arrival of June 9th For Apple Inc., the question for this WWDC is clear: the market doesn't care how much you've prepared, it only cares how much you can deliver to the users. JPMorgan's Gemini underlying switch theory, Goldman Sachs Group, Inc.'s AI traffic entry theory, Morgan Stanley's revaluation framework - all these billion-dollar narratives ultimately come down to the same evaluation standard: Can the new Siri truly be "understandable", stable, user-friendly, and provide a timeline that won't make UBS Group AG say "I told you so". Although there is significant disagreement between bulls and bears, if you extend the timeline, historical probability still stands on the side of the bulls. JPMorgan's compiled historical data shows that in most years over the past decade, due to the warming expectations of WWDC and the dual hedge of the fall new product releases, Apple Inc.'s stock price typically outperforms the S&P 500 Index steadily from early June to mid-September, with an average excess return of about 11%. Supported by the freshness of foldable screen innovation and the AI expectations enabled by the Gemini underlying power, can Apple Inc. replicate this typical outstanding performance in the summer of 2026?