Apple shares soar over 2% as investors eye AI announcements at Developers Conference

Apple shares climbed more than 2% on Monday as investors looked ahead to the technology giant’s annual developer conference, where the company is widely expected to introduce fresh artificial intelligence (AI) capabilities. The event also marks the final developers conference under CEO Tim Cook before he hands leadership of the company to John Ternus in September.

As of 12:12 p.m. EDT, Apple stock was trading at $314.10, up $6.74, or 2.19%, from the previous close. The shares have gained nearly 16% so far this year.

Several analysts believe a strong AI-focused presentation at WWDC could provide fresh momentum for Apple shares. Among the most bullish voices is Morgan Stanley analyst Erik Woodring, who said that a “polished AI platform and clear Agentic vision” could help accelerate iPhone replacement cycles while boosting revenue from Apple’s Services business.

According to Woodring, successful execution of Apple’s AI strategy could drive the stock price to as high as $440 per share, representing an upside of more than 40% from Friday’s closing level.

Apple’s Worldwide Developers Conference (WWDC), which kicked off on Monday, draws thousands of software developers from around 60 countries to the company’s Silicon Valley campus. Unlike Apple’s autumn product launches, which typically showcase new iPhone models, the annual gathering is primarily focused on software and platform updates.

Market watchers expect Apple to provide further details about its AI strategy, including enhancements to Siri and other AI-powered features across its ecosystem.

"While hardware products are rarely launched at a developer show, we could see hints of Apple's expansion into foldables, wearables, and smart home products by way of developer and ecosystem updates," said Emarketer senior analyst Gadjo Sevilla, who called 2026 a "transition year" for the conference, according to Associated Press.

Sevilla also said he anticipates Siri will be reimagined as an AI chatbot and will be more conversational, have memory to pick up previous conversations, and will be able to complete multiple tasks with single requests.

"An upgraded, agentic version of Siri - capable of managing conversations and tasks across iPhones, Macs, and iPads - could become as ubiquitous as features like AirDrop and Handoff, which already unify Apple's ecosystem," Sevilla added.

Investors are closely monitoring the announcements as the company seeks to strengthen its position in the rapidly evolving AI landscape.

Compared with several of its Big Tech rivals, Apple has been slower to roll out AI products and services. The company currently relies in part on Google’s Gemini model to support certain AI functions available on its devices.

Cook revealed his retirement plans in April, bringing to a close a 15-year tenure during which Apple’s market capitalization expanded by more than $4 trillion, driven largely by the success of the iPhone. His successor, John Ternus, has spent 25 years at Apple and has led hardware engineering for the iPhone, iPad and Mac over the past five years, making him a leading choice to take over the top role.

The leadership handover comes at a crucial moment for the company. AI is reshaping the technology industry in a way not seen since the launch of the first iPhone by Steve Jobs in 2007. Apple has faced criticism for lagging behind competitors after delays and setbacks in delivering several AI features it had promised nearly two years ago, increasing pressure on the company to demonstrate meaningful progress in the field.