Apple’s big annual conference, where the tech company unveils its new products, is next week, but one analyst doesn’t think it will push up the stock.

David Vogt of UBS gave his heads-up Wednesday about Apple’s Worldwide Developers Conference, which starts Monday at the company’s headquarters in Silicon Valley.

Shareholders expect Apple to release new artificial-intelligence features after years of lagging behind its rivals on AI. Whether those features drive demand is another question.

Vogt reiterated his Neutral rating and $296 price target on the stock.

“We don’t expect the event to be a positive catalyst for the shares,” he wrote in a research note.

The stock was on fire in May, climbing 17% to $315.61. On Tuesday, Apple reclaimed its spot as the second-largest U.S. company by market capitalization, overtaking Google parent Alphabet.

Regardless of how investors react, hardcore Apple users are sure to see things at the conference that they can get excited about. Two possibilities: the use of Google’s Gemini AI models to power an upgraded Siri, and a dedicated Siri app on Apple devices.

And UBS expects a choice of third-party AI models, such as ChatGPT, and greater on-screen personalization through Siri.

Citi analysts are predicting deeper AI integration across Mac, iPad, and iPhone operating systems. Apple could become a leader in edge AI, Citi said in a research note this week, referring to AI compute carried out on local devices rather than in the cloud at competitors’ data centers.

Clear AI leadership may still be far away, though, according to UBS. Overall, the announcements are “unlikely to drive demand absent a surprise,” Vogt wrote.

UBS kept its estimates for iPhone revenue and unit sales—the company’s largest segment—unchanged. Apple is enjoying solid demand, the firm said, but there is still lingering uncertainty about its AI strategy.