Apple Stock Falls as Investors Assess iPhone Demand and AI-Powered Siri

Apple's stock price fell by about 1% on Tuesday as investors assessed the company's latest iPhone cycle and demand for its new devices.

The rollout of Apple's redesigned Siri AI assistant in iOS 27 has brought attention to the company's efforts to expand its consumer artificial intelligence offerings. The update, which is currently available in beta, allows users to opt-in through the Settings app to access the new Siri.

Analysts have pointed out that Apple's large installed base and ageing iPhone fleet could support a broader replacement cycle. Gene Munster from Deepwater Asset Management expects Apple's staggered iPhone launch schedule to shift some growth into the March and June quarters, with roughly 14% to 15% growth in the March quarter.

According to Dan Ives from Yorkville Ives, around 300 million iPhones have not been upgraded in more than four years, creating a sizeable replacement opportunity as Apple adds more AI capabilities. Ives also expects a planned foldable iPhone, referred to as Duo, to eventually account for 15% to 20% of sales among Pro and Pro Max customers.