Key Takeaways

While other tech stocks rallied , Apple ( AAPL ) shares slid Wednesday, extending a string of recent losses on concerns over delayed Siri features and the impact of tariffs.

Apple shares were down about 1% intraday Wednesday, with the stock on pace to fall for the third-straight session after Apple on Friday reportedly pushed back the launch of certain Apple Intelligence features for Siri until 2026.

Delaying a more advanced Siri could leave customers with fewer reasons to upgrade to the latest iPhone, Morgan Stanley analysts said Wednesday.The analysts now project iPhone sales to be flat in 2025 at 230 million units and grow less in 2026 than previously expected. This comes after Citi cut its iPhone sales estimates earlier this week.

Morgan Stanley also highlighted concerns about the impact of the Trump administration’s tariffs on goods from China . Apple could face higher costs to mitigate the tariffs, and it’s unlikely the company will be able to offset those costs without exemptions, Morgan Stanley said.

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