Goldman Sachs resets Apple stock forecast after WWDC | Official Website of Louis Velazquez, entrepreneur, finance guy and tech innovator

Apple has spent years trying to convince investors that its next major growth story will not depend only on a new iPhone.

That effort has become more urgent as artificial intelligence reshapes the technology industry, with rivals including Google, Microsoft, OpenAI, and Meta moving faster with consumer-facing AI tools.

For Apple, the pressure is different as the company does not just need to show that it can build AI features.

It needs to show that AI can make its devices more useful, push consumers to upgrade, and give its services business another way to grow.

And with Wall Street watching closely, Apple’s 2026 Worldwide Developers Conference (WWDC) gave investors a fresh look at that strategy.

The iPhone maker used WWDC to unveil a new Siri AI, the next version of Apple Intelligence, and software updates across iPhone, iPad, Mac, Apple Watch, Apple Vision Pro, and Apple TV.

TheStreet previously covered how Apple’s WWDC became a major test of its AI strategy, after Bank of America said the event would be an important marker for Apple’s future in AI.

Now Goldman Sachs is weighing in.

Goldman Sachs keeps bullish Apple stock view

In a note shared with TheStreet, Goldman Sachs lead analyst Michael Ng said Apple’s WWDC announcements were “largely in line with expectations,” but still positive for the company’s long-term stock story.

Apple shares fell about 1% on the day of WWDC, which the firm said was in line with Apple’s average day-of-WWDC performance.

Apple’s stock has risen more than 45% over the past year, but it has been volatile since WWDC and is down about 5% over the past week.

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The lack of a major stock reaction does not mean Goldman saw the event as unimportant.

Analyst Ng said the announcements gave Goldman more visibility into three areas that matter for investors:

Siri AI timing
Apple Intelligence monetization, and
Product refresh opportunity tied to more advanced AI features.

Goldman kept its Buy rating on Apple and maintained its 12-month price target of $340.

The price target implies 12.8% upside from the $301.54 Apple share price used in the note.

Apple’s stock is up 6% year to date.

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Goldman says Apple Siri AI timing matters

Goldman’s first major takeaway was that Apple’s upgraded Siri AI appears closer to launch than investors may have feared.

Apple said Siri AI will be available in beta this fall for users with devices set to English, and support for additional languages is expected to expand over time.

That timeline matters because Siri has become one of Apple’s most visible AI problems.

Apple was early to voice assistants, but Siri has faced criticism for falling behind newer artificial intelligence tools that can answer complex questions, write content, summarize information, and perform more advanced tasks.

TheStreet previously noted that Apple faced a Siri moment it could not afford to miss, because WWDC could either reset the company’s AI narrative or add to concerns that Apple was falling behind.

Goldman thinks Apple is on track

Goldman said the Siri AI demonstrations it saw at the Apple event appeared to use real features.

The firm said one presentation it attended included a live demo, suggesting that Siri AI features are largely complete and likely to hit key timelines.

The new Siri AI is designed to draw from personal context across Apple’s ecosystem, including Photos, Messages, Mail, and Music.

It can also use information from third-party apps, the web, and Visual Intelligence through the device camera to answer questions and complete tasks.

Goldman said Apple demonstrated Siri AI’s ability to work across a user’s devices, including identifying nutrition facts from food captured on camera, splitting bills from receipts, creating calendar events from a flyer, and identifying the location of a photo posted on social media.

Those features were not a major surprise to Goldman.

But the firm’s view is that delivery may now matter more than surprise. If Apple can roll out Siri AI on schedule, it may ease investor concerns that the company’s AI strategy is still stuck in promise mode.

Apple AI could boost iCloud+ subscriptions

The second part of Goldman’s Apple view centers on monetization.

Some Apple Intelligence features, including image generation, will have daily usage limits because they rely on more powerful server models. Goldman said users will be able to get increased access through most iCloud+ subscription plans.

That matters because it gives Apple a clearer path to monetize artificial intelligence.

Apple’s Services business already includes the App Store, iCloud, Apple Music, Apple TV+, AppleCare, payments, and other subscription offerings.

It has become a key part of the company’s growth because service revenue is more recurring than hardware sales.

Goldman said continued AI feature releases could support longer-term Services growth through new first-party and third-party apps, as well as greater iCloud storage demand as users create more personal data and content with AI tools.

The firm said investors may be focusing too much on slower product revenue growth and not enough on Apple’s ecosystem, installed base, and the durability of its revenue, a major strength of the iPhone maker.

Goldman said most of Apple’s gross profit growth over the next five years should come from Services, supporting what it called the company’s “Apple-as-a-Service” opportunity.

Apple AI features could push upgrades

Goldman also sees a hardware angle from Apple’s WWDC announcements.

Some of Apple’s most advanced AI features will require devices with at least 12GB of unified memory, the firm said. That includes features such as more expressive Siri AI voices and advanced dictation.

According to Goldman, those features will be available on devices including the iPhone Air, iPhone 17 Pro, iPhone 17 Pro Max, iPads with M4 chips, and select Macs with M3 chips or later.

Many consumers are holding onto smartphones, tablets, and computers longer. That has made it harder for Apple to convince users to upgrade unless the new device offers a clear reason to switch.

AI could become that reason.

Goldman said the 12GB memory requirement could help drive a multi-year product refresh cycle, especially as Apple continues improving AI features and consumer demand builds over time.

Apple may now have a stronger reason to encourage users to move from older devices to newer iPhones, iPads, and Macs.

That is especially important because Apple remains highly dependent on iPhone demand.

According to the report, Apple generated roughly half of its fiscal 2025 revenue from iPhones, making upgrade-driven purchases a key part of the company’s stock story.

Goldman flags risks to Apple stock forecast

Goldman is bullish on Apple stock, but the outlook still carries risks.

The firm said weakening consumer demand could hurt Apple because its products and services are sold largely to consumers.

If the macroeconomic environment weakens, demand for Apple devices and services could slow.

Longer replacement cycles are another risk.

iPhone demand could be hurt if consumers keep devices longer because of economic pressure, improved product durability, or a lack of compelling product innovation.

Supply chain disruption also remains a concern.

Goldman noted that while Apple’s suppliers have a global footprint, the majority of final assembly still occurs in China.

Increased geopolitical tensions, tariffs, or disruptions among key suppliers could put pressure on Apple.

Competition is another issue because Apple competes across smartphones, tablets, PCs, headphones, streaming, app distribution, advertising, music, fitness, cloud storage, and product warranties.

According to the firm, Apple is one of the most well-resourced companies in the world, but it is not the market leader in every business line.

And then regulation could also weigh on Apple.

Goldman said regulatory intervention could weaken Apple’s competitive advantages if the company is forced to make more of its proprietary products or services available to competitors.

Goldman noted that Apple said the availability of Siri AI for iOS 27 and iPadOS 27 will be delayed in the European Union due to the Digital Markets Act.

The firm also said Siri AI and other new Apple Intelligence features are expected to be delayed in China as Apple works through regulatory requirements.

Goldman also flagged execution risk in capital allocation. Apple has a history of mergers and acquisitions and share repurchases, but Goldman said there is no guarantee those moves will succeed or generate strong returns.

For Apple, WWDC may not have delivered a dramatic stock-market reaction.

But Goldman Sachs says the event still helped clarify what investors are watching next: whether Apple can turn Siri AI, iCloud+ subscriptions, and new device requirements into a stronger upgrade and services cycle.