Apple Stock Declines Amid Developer Conference Criticism
Apple Inc. (NASDAQ: AAPL) shares dropped 4.5% by 12:55 p.m. ET on Tuesday, reflecting a broader market decline where the S&P 500 fell 2% and the Nasdaq Composite decreased by 3.9%. The drop follows mixed reviews of Apple’s recent developer conference, particularly concerning advancements in artificial intelligence (AI), which some analysts believe were insufficient.
Concerns over tech valuations and market confidence are amplifying the sell-off as investors adopt risk-off strategies ahead of SpaceX’s IPO on Friday, which is projected to carry a $1.77 trillion valuation. Barclays maintains an underweight rating for Apple with a price target of $253, while UBS holds a neutral rating at $296, citing that new AI features are unlikely to drive near-term iPhone sales.
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