Apple sued by shareholders over delayed Siri AI rollout, $900 billion in value lost
Apple AAPL.O was sued on Friday by shareholders in a proposed securities fraud class action that accused it of downplaying how long it needed to integrate advanced artificial intelligence into its Siri voice assistant, hurting iPhone sales and its stock price.
The complaint covers shareholders who suffered potentially hundreds of billions of dollars of losses in the year ending June 9, when Apple introduced several features and aesthetic improvements for its products but kept AI changes modest.
Apple did not immediately respond to requests for comment. CEO Tim Cook, Chief Financial Officer Kevan Parekh and former CFO Luca Maestri are also defendants in the lawsuit filed in San Francisco federal court.
Artificial intelligence: Will AI replace Google on your iPhone? Apple thinks so. Here's why.
Shareholders led by Eric Tucker said that at its June 2024 Worldwide Developers Conference, Apple led them to believe AI would be a key driver of iPhone 16 devices, when it launched Apple Intelligence to make Siri more powerful and user-friendly.
But they said the Cupertino, California-based company lacked a functional prototype of AI-based Siri features, and could not reasonably believe the features would ever be ready for iPhone 16s.
Shareholders said the truth began to emerge on March 7 when Apple delayed some Siri upgrades to 2026, and continued through this year's Worldwide Developers Conference on June 9 when Apple's assessment of its AI progress disappointed analysts.
Apple shares have lost nearly one-fourth of their value since their December 26, 2024 record high, wiping out approximately $900 billion of market value.
The case is Tucker v. Apple Inc et al, U.S. District Court, Northern District of California, No. 25-05197.
Reporting by Jonathan Stempel in New York; Editing by Mark Porter and Rod Nickel
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Verge
30 minutes ago
- The Verge
Cringe or canny?
Posted Jun 20, 2025 at 4:43 PM UTC Apple has released The Parent Presentation, an 81-page slide deck available in Google Slides, PowerPoint, or Keynote format, and a promo video hosted by 'nepo baby' / Please Don't Destroy comedian Martin Herlihy, aimed at getting students a Mac for school next year. I can't decide if it's a solid pitch (who hasn't held a family meeting to get approval for a high-priced tech purchase?) or if it will miss its target audience because it's 8 minutes long and not in a vertical video format. Either way, we also have some advice on which laptop is the best option.
Yahoo
40 minutes ago
- Yahoo
1 bit of Warren Buffett advice I'm ignoring
Billionaire investor Warren Buffett is known for making huge sums of money by making canny investments in individual shares like Coca-Cola and Apple. But when it comes to whether most small private investors with a bit of spare cash ought to follow his approach, he has a potentially surprising point of view. Simply put, he reckons many of them should forget doing that and instead simply put the money into a fund that tracks a stock market index, such as the FTSE 100 or S&P 500. There are several reasons why this could make sense for investors. Investing in the stock market takes time and effort. Not everyone wants to learn things like how to read a balance sheet, or what different stock valuation techniques can tell us. Simply putting money into an index tracker is a lower effort activity and, in theory at least, it ought to produce returns broadly in line with the economy (or at least that part of it that is represented by the index). Another issue to consider is cost. Buying and selling shares can involve fees, commissions, charges and taxes and some of those have a minimum level no matter how little is being invested. Index trackers can be a more cost-effective way to put modest sums to work in the market, when it comes to such costs. A key part of Buffett's logic is also something that many of us might not want to believe. The reality is that, for many investors (and this is true for experienced institutional ones as well as small private ones), beating the market can be harder than it looks. It can actually be more financially rewarding simply to put money into an index tracker than to try and pick a range of individual shares that will do well. But hang on a minute, is individual stock-picking not exactly what Buffett does? Yes, it is. While the 'Oracle of Omaha' reckons most small investors would be better off investing in an index tracker, that does not mean he thinks they all should. Buffett started buying individual shares as a young private investor (in fact, while still at school). As his example shows, it is possible for individual investors to do very well building a portfolio of specific shares. I buy individual shares – and apply some Buffett wisdom while doing so. For example, consider my investment in Greggs (LSE: GRG). It has a large, resilient target market – something Buffett always looks for. Thanks to its brand, unique products, wide distribution and existing customer base, it can compete effectively in that market. This reminds me of some classic Buffett investments, from Coca-Cola to Dairy Queen. The Greggs share price has fallen 33% in the past year. Such falls do not typically happen without reason and here, one factor is the risk that higher employment-related costs will eat into profitability. But, like Buffett, I am a long-term investor. Will Greggs continue to struggle with its cost base, or could this be a short-term bump in the road? I reckon it may well be the latter. The baker has a proven business, is profitable, pays a dividend and has what I currently see as an attractive valuation. That is why I have been snapping up its shares. The post 1 bit of Warren Buffett advice I'm ignoring appeared first on The Motley Fool UK. More reading 5 Stocks For Trying To Build Wealth After 50 One Top Growth Stock from the Motley Fool C Ruane has positions in Greggs Plc. The Motley Fool UK has recommended Apple and Greggs Plc. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. Motley Fool UK 2025
Tom's Guide
2 hours ago
- Tom's Guide
I walked 5,500 steps with the Apple Watch 10 vs Garmin Forerunner 570 — here's the winner
The Garmin Forerunner 570 is one of Garmin's newest AMOLED-screen sporting smartwatches aimed at runners. It boasts loads of training tools, Garmin's best heart rate sensors and a small smattering of smart features. Meanwhile, the Apple Watch Series 10 is perhaps the best full-featured smartwatch on the market today. It's also no slouch when it comes to fitness and wellness tracking. While the Garmin Forerunner 570 is a tad pricier than the Apple Watch Series 10, both are well equipped to keep tabs on your daily workout efforts, whether you're a runner, walker, hiker or prefer the gym. Each watch sports an onboard GPS and the best holistic tech offered by Apple and Garmin, respectively. The question is, which one is more accurate when it comes to tracking a basic workout? I decided to find out. The Apple Watch Series 10 is my favorite full-featured smartwatch in 2025, sporting a thin and attractive design, gorgeous screen, endless apps and loads of useful onboard features. It's also a mighty reliable fitness and sleep tracker. The Garmin Forerunner 570 is one of the brand's latest smartwatches aimed squarely at runners and outdoor athletes, boasting Garmin's best holistic tech, excellent training and recovery tools, a bright AMOLED screen and a fun, colorful case design. For this walk test, I wore the Apple Watch Series 10 on my left wrist and the Garmin Forerunner 570 on my right wrist before setting out on my manually-counted jaunt around Seattle, Washington, on the longest day of the year. To keep track of my steps, I clicked an old-school tally counter every time my count hit 100 before starting over again at one. With my left foot taking only odd-numbered steps and my right foot only making even-numbered ones, I trekked three miles before ending tracking and examining the results. In addition to the manual count, I also recorded my walk using Strava as a control for distance, elevation and pace data. Get instant access to breaking news, the hottest reviews, great deals and helpful tips. See all the results below: Apple Watch 10 Garmin Forerunner 570 Control Step count 5,568 steps 5,542 steps 5,500 steps (manual count) Distance 2.99 miles 2.98 miles 3.00 miles (Strava) Elevation gain 216 feet 207 feet 212 feet (Strava) Average pace 18 mins 23 secs per mile 18 mins 28 secs per mile 18 mins 6 secs per mile (Strava) Average heart rate 128 bpm 128 bpm n/a Max heart rate 163 bpm 164 bpm n/a Calories burned 437 calories 375 calories n/a Device battery usage 12% 6% n/a Both the Garmin and Apple Watch were within 100 steps of my manually-counted total, an impressive showing for sure! However, while the Series 10 overcounted by 68 steps, the Forerunner 570 only overcounted by 42. Strava, meanwhile, calculated my total steps at 5,548. All three devices measured roughly the same total distance covered and fairly similar elevation gain metrics. Assuming Strava is correct here, both watches are within five feet of the actual total. Pace data also matches up nicely across the board. It's worth noting that both Garmin and Strava offer two average pace figures, including a moving average and an elapsed average, the latter of which is reported above. Garmin's average moving pace for my walk was 16 minutes and 4 seconds per mile and Strava's was 16 minutes and 48 seconds per mile. Despite the Apple Watch being worn on my right wrist and the Garmin adorning my left, heart rate data is a near match between the two, though Apple calculated slightly more calories burned during my roughly 50-minute walk. Finally, the Series 10 burned roughly twice as much battery using its onboard GPS to track my trek compared to the Forerunner 570. Before acknowledging our winner, it's worth pointing out that both the Garmin Forerunner 570 and Apple Watch Series 10 did extremely well in this walk test, and I'd gladly reach for either before recording my next adventure. However, the Garmin Forerunner 570 officially takes the belt in this bout against the Apple Watch Series 10. The margin may be razor thin, but a win's a win. Which smartwatches or fitness trackers would you like to see me test head-to-head in a future walk test? Let me know in the comments below. Until then, get those steps in!
