Apple shareholders are suing the company over AI rollout delays they claim cost them nearly a trillion dollars.
When it comes to artificial intelligence, it seems like Apple can’t catch a break. Now, after facing repeated delays and misfires relating to the launch of Apple Intelligence, Apple’s shareholders have finally had enough.
On Friday, Apple’s shareholders launched a class action lawsuit against the tech giant. They claim that the Cupertino-based company has downplayed how long it would need to launch the new and improved AI-powered Siri.
Because of the delay, shareholders are claiming that they have suffered potentially hundreds of billions of dollars of losses in the year ending June 9. As Reuters points out, 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.
Shareholders, led by Eric Tucker, claim that Apple led them to believe that Apple Intelligence would be a driving force behind iPhone 16 sales. However, after the WWDC 2025 keynote, shareholders came to believe that the company had deliberately downplayed how long it would need to launch features promised a year prior.
The lawsuit, filed in San Francisco federal court, names CEO Tim Cook, Chief Financial Officer Kevan Parekh, and former CFO Luca Maestri as defendants.
In 2024, Apple introduced its upcoming foray into artificial intelligence, which it calls Apple Intelligence. Apple promised to offer a more personalized experience than that of its competitors.
The rollout was slow, but features did eventually show up. Apple launched Writing Tools, Image Playgrounds, and Summaries, though the last had its own share of problems.
However, one feature never materialized: the enhanced, personalized Siri. It was one of the most heavily promoted features at WWDC 2024.
Unfortunately, it got delayed. And then it got delayed again.
Now, it’s unclear when Siri is due to get its upgrades. Even Apple isn’t sure, it seems — and the executives aren’t happy about it.
The only references to Siri in the 2025 WWDC Keynote speech was Craig Federighi promising the company was, still in fact, working on the project.
The vast majority of the share price loss in 2025 was over tariff fears, not AI rollout speeds. It’s not clear how the suit filers consider this fact in their filing.
This story originally appeared on Appleinsider
