Lead
Gene Munster of Deepwater Asset Management is treating Apple Inc.'s Worldwide Developers Conference as a possible turning point for the company's share price, describing the Monday event as the most important WWDC in Apple's 43-year history. At the center of Munster's attention is a redesigned Siri experience that has reportedly been in development for almost two years.
What Munster is watching
Munster says the conference should mark the beginning of a rerating for Apple if the company can clearly demonstrate AI capabilities that change the market narrative - moving Apple from an AI follower to a leader in personalized AI. The redesigned Siri is expected to allow AI to use personal context in a secure way, improving information retrieval and enabling automation across third-party apps.
Observers also expect Apple to introduce a new Siri app intended to compete with established conversational AI services such as ChatGPT, Grok and Gemini. That app is anticipated to present users with a "Search or Ask" prompt, with the prompt reportedly powered by Google.
Timing and development status
The new Siri functionality is not expected to be generally available until September, with the product described as still being worked on. Munster has noted that Apple's AI teams have been in flux over the past year, including a major change in the underlying model powering Siri - moving from ChatGPT to Gemini.
Customer demand and device metrics
iPhone growth has accelerated materially in recent quarters, with unit growth of 16% year-over-year across the past four quarters. That contrasts with 1% growth across the prior four-year period, suggesting continued customer loyalty despite what Munster has characterized as underwhelming AI offerings to date. Part of the recent sales surge has been attributed to upgrades from the fiscal 2021 iPhone cycle, which saw 39% growth that year.
Apple's active device base has continued to expand but at a slowing rate: annual growth measured 9% in 2022, 11% in 2023, 10% in 2024, 7% in 2025 and 6% in 2026.
Software updates
Alongside the Siri preview, updates to iOS and macOS 27 are expected at the conference. Munster and others view these as part of Apple's standard annual update cadence rather than a distinct rerating catalyst.
Conclusion
Munster's thesis is conditional: WWDC could initiate a stock rerating if Apple convincingly demonstrates personalized AI features that materially shift perceptions of its AI positioning. The new Siri remains a work in progress, corporate AI teams have experienced significant changes, and the anticipated consumer-facing improvements are not slated for general availability until September.