Apple is facing a class action lawsuit from shareholders who allege that delays in the rollout of its artificial intelligence initiatives have cost them nearly a trillion dollars in losses. The legal action comes after the company experienced multiple setbacks and miscalculations related to the launch of Apple Intelligence, including the expected upgrade of Siri.
On Friday, the shareholders accused the Cupertino-based tech giant of misleading them about the timeline for introducing new AI features. They contend that due to the delays, their investments suffered substantial losses estimated to be in the hundreds of billions over the year leading up to June 9.
Since reaching a record high on December 26, 2024, Apple shares have declined nearly 25%, leading to a staggering loss of approximately $900 billion in market value. Leading the lawsuit is shareholder Eric Tucker, who claims that Apple led investors to believe that Apple Intelligence would significantly boost sales of the iPhone 16.
However, following the WWDC 2025 keynote, it became apparent that the company had grossly underestimated the time required to launch features that had been promised a year prior. The lawsuit, filed in a federal court in San Francisco, names several high-ranking Apple executives, including CEO Tim Cook and Chief Financial Officer Kevan Parekh, as defendants.
Apple initially introduced its AI efforts, dubbed Apple Intelligence, in 2024, intending to provide a more personalized user experience compared to competitors. Although features like Writing Tools and Image Playgrounds were eventually released, the much-anticipated upgrade to Siri has faced numerous delays.
As the situation stands, it remains uncertain when Siri’s enhancements will finally arrive, and even Apple seems to lack clarity on the timeline. During the 2025 WWDC Keynote, the only mention of Siri came from Craig Federighi, who assured attendees that work on the project was ongoing.
It’s worth noting that most of the share price decline in 2025 was attributed to tariff concerns, raising questions about how the shareholders will address this in their legal claims.
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