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Apple Inc. stock could see a significant surge following the Worldwide Developers Conference (WWDC), scheduled from June 8 to June 12, said Morgan Stanley.

The bank suggested that the “AI winner” narrative has been a key turning point for numerous stocks since 2023, and the WWDC 2026 could instigate a similar shift for Apple, The Street reported on Wednesday, citing a research note.

Morgan Stanley said Apple’s AI efforts have played only a minor role in its investment story so far, with growth driven mainly by its products and services. That could change if Apple unveils a clearer vision for Siri and Apple Intelligence at the mega event.

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The firm expects WWDC to highlight a more conversational Siri with better contextual understanding and chatbot-like interactions, along with expanded Apple Intelligence features across iOS, macOS, and iPadOS.

Morgan Stanley suggests that Apple’s privacy-centric approach and increasing collaborations with external AI providers could help set the company apart from competitors. The bank predicts that Apple’s stock could rally to $440 a share, though execution remains the key concern.

“If Apple can check these boxes, we believe the stock narrative should shift,” the top bank said, and added, “Siri/Apple Intelligence 2.0 has the potential to become the ultimate AI resource offload and deliver a form of Agentic AI to the consumer at a lower cost than incumbents.”

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Apple AI Push Faces Mixed Views

Echoing Morgan Stanley, JPMorgan analyst Samik Chatterjee said that Apple’s WWDC could kick off a major catalyst cycle extending into its fall hardware launches, with the spotlight on a revamped Siri. He expects Apple to introduce a chatbot-like Siri with a “Search or Ask” interface, improved contextual awareness, and more advanced task-executing AI features, along with broader integration of external AI models beyond ChatGPT.

Earlier in May, Wedbush analysts raised their price forecast on Apple from $350 to $400, maintaining an Outperform rating. It estimates that 20% of the world’s population will access AI through Apple devices and expects Apple to become the “consumer hub of AI” technology. This shift could potentially generate an additional $15 billion in annual services revenue.

On the other hand, UBS said an upcoming event is unlikely to boost Apple’s stock, noting expectations for third-party AI models like ChatGPT integration and more personalized Siri features, reported Barron’s. The firm kept its iPhone revenue and sales forecasts unchanged, saying demand remains strong but uncertainty persists around Apple’s broader AI strategy.

Image via Shutterstock

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