Apple is facing a proposed class-action lawsuit from shareholders who allege the company [1]misled investors about the readiness of its AI-powered Siri upgrades , contributing to a $900 billion drop in market value. Reuters reports:

> Shareholders led by Eric Tucker said that at its June 2024 Worldwide Developers Conference, Apple led them to believe AI would be a key driver of iPhone 16 devices, when it launched Apple Intelligence to make Siri more powerful and user-friendly. But they said the Cupertino, California-based company lacked a functional prototype of AI-based Siri features, and could not reasonably believe the features would ever be ready for iPhone 16s.

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> Shareholders said the truth began to emerge on March 7 when Apple delayed some Siri upgrades to 2026, and continued through this year's Worldwide Developers Conference on June 9 when Apple's [2]assessment of its AI progress disappointed analysts. Apple shares have lost nearly one-fourth of their value since their December 26, 2024 record high, wiping out approximately $900 billion of market value.



[1] https://www.reuters.com/sustainability/boards-policy-regulation/apple-sued-by-shareholders-over-ai-disclosures-2025-06-20/

[2] https://apple.slashdot.org/story/25/06/13/196231/the-vaporware-that-apple-insists-isnt-vaporware