Apple just wrapped up its worst day on the stock market since April after reports surfaced about delays with Siri and as the company’s news app faced regulatory scrutiny.
The stock dropped 5% on Thursday, wiping out its gain for the year and leaving it down almost 4% in 2026.
The long-awaited artificial intelligence update to the iPhone-maker’s personal assistant Siri has been internally pushed back to May and potentially later, Bloomberg reported Wednesday.
The update was expected to launch within a couple weeks, but the company may roll the features out slowly over several months, the report stated.
Apple told CNBC it is still on track to launch in 2026.
On Wednesday, the FTC Chair Andrew Ferguson told Apple CEO Tim Cook to review the terms of service and curation policies on Apple News.
Apple one-year stock chart.
Ferguson cited recent “reports” that Apple News was promoting left-leaning news outlets while suppressing conservative content.
Last month, Apple beat Wall Street expectations when it reported first-quarter earnings, however, the stock has been tied to Wall Street’s recent concerns about big tech spending too much on AI.
Tuesday, UBS downgraded the U.S. tech sector to neutral, citing “software uncertainty” and heavy capital expenditure. The Swiss investment bank’s move came after a sell-off in software stocks over the past week as investors turned cautious towards the sector.
CNBC’s Steve Kovach contributed to this report.