Apple heads into next week's Worldwide Developers Conference with Tim Cook presiding over his final developer event as CEO, as the company prepares to unveil a major Siri overhaul. The expected centerpiece is a more powerful version of Siri with a standalone chatbot-style app, personal context, on-screen awareness, multi-step command handling and deeper routing to outside models potentially including Google's Gemini, according to analyst expectations. The conference comes as Apple stock trades near record highs at roughly 36 times trailing earnings, with investors questioning whether the AI strategy promised two years ago can finally justify the valuation. John Ternus is preparing to take over as CEO following the conference. Analysts describe the event as a test of whether Apple Intelligence can drive iPhone upgrades and whether Siri can become a viable platform for developers in the agentic era.
Analysts Expect Siri Chatbot App and Multi-Step Commands
Analysts expect Apple to show a more powerful version of Siri with a standalone chatbot-style app, personal context, on-screen awareness, the ability to handle multi-step commands and deeper routing to outside models, potentially including Google's Gemini. Dan Newman, CEO of The Futurum Group, told CNBC that Apple Intelligence is "one of the big black eyes" of Cook's tenure. Newman said Apple needs to prove to developers that Siri is "something to build on."
Apple Stock Trades at 36x Earnings Ahead of Conference
The company enters WWDC at an all-time high, with about 36 times trailing earnings and $1.6 trillion more valuable than a year ago. MoffettNathanson wrote this week that Apple's stock has "done all the work the AI story has yet to do." The firm said Apple is executing exceptionally well, with the strongest iPhone cycle in years, China shifting from a structural worry to a share-gain story and services beating again. MoffettNathanson wrote: "The question for WWDC26 isn't 'will Apple announce a better Siri?' It almost certainly will. The question is 'does a better Siri justify a multiple that already assumes it works?'"
App Intents Partnership Creates Developer Adoption Challenge
MoffettNathanson said Siri must move from a command portal into an assistant that can reliably execute multi-step tasks across apps. That depends on third-party developers making their apps work with App Intents, Apple's system for letting Siri perform actions inside apps. The firm said that creates a "chicken-and-egg problem" where Siri only becomes useful if enough developers support it, but developers may wait to see whether consumers actually use it before investing the work. MoffettNathanson noted that Apple has reportedly lined up early App Intents partners, including Uber, Amazon, Temu, YouTube, WhatsApp, Facebook, Threads and AllTrails.
The Information Reports Google Cloud Partnership for Siri
The Information reported this week that Apple's overhauled Siri is on track for September and will run in part on Google Cloud using Nvidia chips, though CNBC has not independently confirmed those details. That would mark a major shift for Apple, which has long preferred to own core technologies. Newman said the partnership could make sense for Google as well, because Apple-scale token usage would give it a major proof point for Gemini and build on a search partnership that has long been lucrative for both companies.
Analyst Views Divided on WWDC as Stock Catalyst
Stephanie Link, chief investment strategist at Hightower, said she does not like the setup for Apple shares into WWDC, given the stock's run and valuation. "It's not like I hate the stock. It's just that it's had a nice run, and I'm just not sure we're going to get something big at WWDC," Link told CNBC. Jim Lebenthal, partner at Cerity Partners, told CNBC: "I can't see something momentous coming out of this Worldwide Developer Conference. I just don't see it." UBS said it expects Apple to focus on AI at the event but does not expect WWDC to be a positive catalyst for shares absent a surprise. Goldman Sachs was more hopeful, saying the new Siri could become a key demand driver for the iPhone and support services growth if developers use Apple Intelligence tools to build new apps.
September Launch Expected for New iPhone and Upgraded Siri
The bigger consumer test comes in September, when Apple is expected to launch the new iPhone lineup and, potentially, the upgraded Siri experience. Gene Munster, managing partner at Deepwater Asset Management, said he expects Apple shares could sell off around WWDC, but that would not change the longer-term thesis if Apple shows investors it understands where AI is going. "They don't have to get it right," Munster told CNBC. "They just have to show that they get it --- and that they know where this is going."
FAQ
What is Apple expected to announce at WWDC regarding Siri?
Analysts expect Apple to show a more powerful version of Siri with a standalone chatbot-style app, personal context, on-screen awareness, the ability to handle multi-step commands and deeper routing to outside models, potentially including Google's Gemini.
Why is this WWDC significant for Tim Cook?
This is Tim Cook's final Worldwide Developers Conference as CEO, with John Ternus preparing to take over following the event. Analysts describe it as a legacy moment for Cook to demonstrate that Apple's AI strategy is finally coming together after a two-year delay.
When is Apple expected to launch the upgraded Siri to consumers?
The Information reported that Apple's overhauled Siri is on track for September, coinciding with the expected launch of the new iPhone lineup, though CNBC has not independently confirmed those details.
