Goldman And UBS Preview Apple's WWDC: AI Siri Takes Center Stage

Apple's annual Worldwide Developers Conference (WWDC) begins this afternoon at 1 p.m. EST at Apple Park in Cupertino, Calif.

Ahead of WWDC, Goldman analysts led by Michael Ng provided clients with a preview of what to expect, including the unveiling of a long-delayed AI-enhanced Siri and operating system version "27" across iOS, macOS, watchOS, tvOS, and visionOS.

The new AI-enhanced Siri will include many delayed features from WWDC24, such as on-screen awareness, personal context, and deeper integration across apps, including Messages, Calendar, Photos, and Notes.

"We view these new features as key demand drivers for the iPhone and other products, which should help extend the strong revenue momentum realized to date (e.g., iPhone revenue +23% YoY in F1H26)," Ng wrote in the note.

Expected WWDC announcements:

AI-enhanced Siri launch timing & feature details. After announcing AI-enhanced Siri at WWDC in 2024 and seeing subsequent delays, we expect Apple to share updated details on AI Siri's launch timeline and capabilities.

• Launch timing: During Apple's F2Q26 earnings call, the company stated it expects to launch personalized Siri this year (C2026). We expect Apple to confirm AI Siri should launch with iOS 27 in September 2026 alongside the premium iPhone 18 family launch.
• AI Siri feature details: First, AI-enhanced Siri should have greater on-screen awareness (e.g., using information across iOS Apps including Messages, Calendar, Photos, Notes), which should allow it to provide more detailed, personalized answers to queries/prompts. Second, Apple likely will announce that users will have the ability to choose between various model providers to power AI features (Siri, Image Playground, Writing Tools), per Bloomberg. Third, Apple likely will announce a new standalone Siri app for users to interact in a chatbot-like manner.

Additional AI-driven & ancillary features. Aside from AI Siri, per Bloomberg, Apple likely will announce more sophisticated AI photo editing tools on the Photos App (besides Clean Up) that allow users to (a) generate content within a photo (Extend), (b) enhance photo aspects, and (c) adjust photo framing (Reframe). Apple likely will also announce improved Visual Intelligence capabilities through the Camera app, which will be able to do things like scanning nutrition labels (to sync with the Health app to log food intake) or scan business cards to create new contacts. Lastly, Apple is also expected to announce the ability to make tab groups in Safari and create custom Wallet passes from physical tickets.

Ng noted that Apple's price action tends to be positive heading into WWDC, but shares often trade lower during the event.

Shares have traded up 19% since late April.

Ng remains "Buy" rated on Apple with a 12-month target price of $340.

Separate from NG's note, UBS analyst David Vogt does not expect WWDC26 to be a positive catalyst for shares.

What Vogt expects at WWDC:

• Google Gemini integration: Apple is expected to rebuild its internal models utilizing Gemini, using a combination of Google's and its own in-house model to power Siri features. Apple is reportedly paying around $1 bn annually for access to the 1.2T model, which will run on its Private Cloud Compute servers.
• Link to third-party models: Currently offered with ChatGPT, users will be able to choose which model they use through a feature called "Extensions", a potential tailwind to App Store revenue.
• Dedicated Siri app: The app will function similarly to other AI apps, including a history of prior conversations and an interface for text, voice, and attachments. Chat syncing across devices with iCloud: User conversations will sync across devices with iCloud, potentially increasing its usage.
• Personalization and on-screen awareness: Siri is expected to possess the ability to understand personal data and analyze on-screen content. Users have long awaited these features since they were originally announced at WWDC24

WWDC26 is set to be Apple's first major test of AI Siri.