Apple Suffers Second-Largest Wipeout in History: $202 Billion Evaporated as AI Siri Faces Fresh Setbacks

Apple is grappling with a prolonged struggle to launch its AI-powered "Siri 2.0," and mounting fears of further delays triggered a massive sell-off. On Thursday, Apple shares plummeted 5%, erasing $202 billion (approx. 1.4 trillion RMB) in market capitalization in a single session.

This marks the second-worst daily value destruction in Apple’s history, trailing only the $311 billion loss seen on April 3, 2025, which was driven by tariff anxieties.

The rout followed reports that internal testing has hit significant snags in recent weeks. While Apple originally aimed to debut the revamped Siri in the iOS 26.4 update this March, sources suggest the company is now forced to stagger the rollout. Key features are likely delayed until iOS 26.5 in May, with a more comprehensive suite potentially pushed to iOS 27 in September.

Apple’s Defense: "Still on Track for 2026"

In a rare move to stem the bleeding, Apple issued a statement to media outlets confirming that the new Siri remains on schedule for a 2026 release. However, analysts noted the statement carefully avoided refuting specific reports of the feature-by-feature delay, focusing instead on holding the line for a "within-the-year" delivery.

Crucial Catalyst: Mark Newman, an analyst at Bernstein, emphasized that the successful launch of Apple Intelligence and an upgraded Siri is "vital" to the stock’s performance.

The Cost of AI: Beyond software hurdles, Apple is battling rising costs. Driven by AI-fueled demand, memory and storage prices have skyrocketed. Newman estimates that component costs for the upcoming iPhone could climb by 15%, though he believes Apple's overall execution remains superior to its peers.

Privacy as a Priority

Despite the market's frustration, some Wall Street analysts remain supportive of Apple’s cautious approach.

Amit Daryanani of Evercore ISI noted that the delay reflects Apple’s commitment to making user privacy "paramount." He argues that prioritizing data protection and seamless system integration—rather than rushing a buggy product—is consistent with Apple's long-term brand strategy.

As of today, Apple’s stock is down approximately 3% for the year, effectively wiping out all its 2026 gains.