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Apple announced its upcoming release of the new iPhone 16 and 16 Plus models on June 10, 2024. The Company heavily marketed these new iPhones as being “built for Apple Intelligence,” a suite of generative AI features integrated into iOS 18 and its devices, including a major upgrade to Siri, Apple’s voice assistant. Apple touted the new, upgraded AI-driven Siri as “more conversational,” capable of increased understanding of user context, and being powered by ChatGPT, a state-of-the-art natural language processing model developed by OpenAI. Apple claimed that the iPhone 16 and 16 Plus were designed from the ground up to support Apple Intelligence, redefining smartphone use in the new AI economy.
Then, Apple announced on March 7, 2025, that the availability of Apple Intelligence would be significantly delayed, and that the Company “needed more time to finish developing the new Siri features” that would enhance Siri’s AI capabilities and anticipated “rolling them out in the coming year.”
Following this news, the price of Apple common stock fell over 5% on March 10, 2025.