Apple Stock Plunges Amid AI Supply Chain Woes and Siri Integration Concerns

Apple's stock experienced its worst single-day drop in over a year on August 8th, amid ongoing AI supply chain headwinds and concerns about missing deadlines for Siri AI integration.

The tech giant published a guide explaining how eligible Mac users in mainland China can connect Alibaba's Qwen artificial-intelligence service to Apple's Siri digital assistant and Writing Tools feature.

This move could help Apple compete in China's AI PC market, where it has been losing market share as domestic manufacturers promote locally developed AI features.

Evercore analyst Amit Daryanani maintains a buy rating for Apple with a target price of $365, while Citic Securities Adjusts Price Target on Apple to $349 From $300, Maintaining an Add Rating.