According to a Bloomberg report on Wednesday, Apple has internally pushed back the rollout of its much-awaited artificial intelligence-powered Siri update to May or potentially later. The update had been expected within the next few weeks, but the company may now roll out the features gradually over several months.
Read more: US Market Sell-Off: Real estate stocks tumble as AI disruption fears grow
The company told CNBC that it is still on track to launch in 2026.Additionally, regulatory pressure added to the stock’s weakness after the Federal Trade Commission Chair Andrew Ferguson asked Apple chief executive Tim Cook to review the terms of service and content curation policies for Apple News on Wednesday. Ferguson cited recent “reports” alleging that the app promoted left-leaning news outlets while suppressing conservative content.
The decline comes despite Apple beating Wall Street expectations in its Q1 quarterly results, announced last month. However, the stock has remained under pressure amid broader concerns that large technology companies are overspending on artificial intelligence.
Read more: Dow Jones falls 1,000 points from highs, Nasdaq sinks 2% as AI fears rattle markets
Earlier this week, UBS downgraded the US technology sector to neutral, pointing to “software uncertainty” and elevated capital expenditure. The move followed a sell-off in software stocks over the past week as investors turned more cautious on the sector.
