Following Apple's annual Worldwide Developers Conference (WWDC) on June 9th, the company's stock price declined by 3.64%, as the event did not deliver the major surprises that some investors had anticipated.

The WWDC is a key annual event for Apple, where it typically unveils updates to systems like iOS, macOS, and iPadOS, along with various product enhancements. This year, Wall Street's focus was squarely on artificial intelligence and the long-awaited next-generation Siri.

At the conference, Apple introduced a comprehensively redesigned Siri and updated its entire suite of software, adding AI features to numerous applications including Safari, Shortcuts, Messages, and Passwords.

However, these announcements fell short of investor expectations.

Analyst Krish Sankar from TD Cowen reportedly commented after the keynote, "Expectations were high going into the event, and the overall announcements were slightly below expectations."

Sankar noted that he had anticipated deeper integration of Apple's AI technology with third-party applications, but the new functionalities largely remain confined to Apple's own ecosystem.

Bank of America's Bullish Stance

Bank of America has maintained its Buy rating on Apple stock, setting a price target of $380.

In a research note, analyst Wamsi Mohan wrote that the 2026 WWDC revealed significant progress in Apple's AI strategy. The bank remains positive on the stock's prospects, citing strong shareholder returns, a massive installed user base, and growth opportunities from future products and services.

Mohan stated that Apple is transforming Siri from a traditional voice assistant into an intelligent personal assistant. The new Siri can understand user context, recognize on-screen content, retrieve information across apps, and perform actions on the user's behalf.

"The new Siri's AI capabilities encompass contextual awareness, on-screen recognition, cross-application functionality, knowledge and reasoning, image understanding, and more natural conversational interactions. Apple is also signaling that AI is becoming a core foundational capability across its entire product ecosystem," the analyst added.

Bank of America also highlighted Apple's proprietary foundational large language model, which powers many of the new features announced at the event.

This model supports an on-device and cloud hybrid approach, enabling more advanced capabilities while ensuring device performance and data security. The analyst further noted that Apple's cloud infrastructure is primarily built on its own custom hardware and software.

Privacy protection remains a core tenet of Apple's strategy.

Mohan pointed out in the report, "Apple emphasized that useful AI must be grounded in a user's personal context and built on an architecture with privacy as a first principle."

Beyond AI, Apple also upgraded its child safety tools and parental controls, another reflection of its commitment to user safety.