Apple faced a sharp reversal on Thursday, snapping a recent run of optimism as investors reassessed the progress of its upcoming AI features. News that the long-anticipated Siri upgrade is running into significant hurdles sent the stock lower, with questions about the pace of the AI push adding to the unease.
Historic Price Decline
The stock fell around 5%, marking the worst trading day for Apple since April of the previous year. In a single session, roughly $202 billion of market value vanished, the second-largest one-day decline in the company’s history. The drop nearly wiped out the gains Apple posted after its solid results at the end of January, underscoring how the broader tech weakness couldn’t fully offset the negative headlines tied to the Siri upgrade.
Technical Hurdles Slow Progress
The unease was fueled by reports that the AI upgrade for Siri is encountering resistance. The iOS 26.4 update, originally slated to introduce new features in March, now appears likely to be rolled out in a staggered fashion, potentially in May or even September.
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Internal testing reportedly revealed several issues: the assistant can respond more slowly than desired, and it sometimes mishandles complex commands. A Bloomberg report highlights a specific bug in which Siri unexpectedly reverts to the current ChatGPT integration instead of routing queries to the new Gemini model—the kind of technical glitch that engineers must resolve before a wider launch.
Regulatory Pressure from Washington
The mood also soured after a letter from the Federal Trade Commission raised regulatory concerns. The agency warned CEO Tim Cook about the potential for the Apple News app to unduly favor certain news sources and urged adherence to Apple’s own terms of use. While the FTC acknowledged it does not have direct control over content, the move prompted questions about the relationship between Apple and U.S. regulators.
Apple, speaking to CNBC, reiterated that it remains committed to the overarching 2026 timeline. Looking ahead, the stock’s path will heavily depend on the company’s ability to clear the technical hurdles quickly and deliver the promised AI features in the coming months.
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