Apple, Inc.: Another AI Attempt At WWDC

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Apple, Inc.: Another AI Attempt At WWDC

Equity Research

IT Hardware and Communications Equipment

8 June 2026

Apple, Inc.

Another AI Attempt At WWDC

We found AAPL's unveiled Siri AI and Apple Intelligence

interesting though not necessarily transformative in AAPL's AI

story. We view changes and updated features as incremental, AAPL UNDERWEIGHT IT Hardware and

and not enough to drive an upgrade cycle. We also struggle to CommunicationsEquipment NEUTRAL

see what the monetization of AI offerings will look like. Price Target USD 253.00

Price (08-Jun-26) USD 301.54

Potential Upside/Downside -16.1%

We virtually attended the annual Worldwide Developers Conference today. Recall, it's been Source: Bloomberg, Barclays Research

roughly two years since the introduction of Apple Intelligence and Private Cloud Compute. This

year's announcements focused on a revamped Apple Intelligence and new Siri AI, as well as

IT Hardware and Communicationsplatform improvements, and updates in trust and safety (with a focus on child safety features/

Equipment

parental controls). Updates felt more evolutionary vs revolutionary, and we continue to view

Tim Long

AAPL as a laggard in AI with no killer apps and a questionable monetization strategy. We also +1 212 526 4043

believe Apple Intelligence features that leverage some Apple apps that have lower market share tim.long@barclays.com

(i.e. Apple Maps, Apple Music, Apple Home, etc) could limit adoption. BCI, US

However, we did find AAPL's utilization of customers' data across its devices and apps to create Alyssa Shreves

+1 212 526 7570a more helpful, contextualized AI Siri experience – potentially more compelling than current

alyssa.shreves@barclays.com

LLMs on the market (especially given AAPL's continued focus on user privacy, even with AI BCI, US