Apple shares are trading under pressure after WWDC failed to fully convince Wall Street that the company has closed the AI gap. The updated Siri and deeper Gemini integration support the long-term Apple Intelligence roadmap, but investors still want clearer monetization.
Citi remains constructive with a Buy rating and a $315 target, viewing WWDC as a foundational step rather than an immediate catalyst.
Fundamentals still support the stock
The latest quarterly numbers remain strong: Apple reported fiscal Q2 revenue of $111.2 billion and EPS of $2.01, with iPhone revenue near $57 billion and services at a record level around $31 billion. This helps limit the downside, but margin concerns are rising after Tim Cook warned that higher memory-chip costs may force product price increases. The unconfirmed Apple-Intel chipmaking story also adds some optional upside, but it is not yet a confirmed fundamental driver.
What the chart shows
As for now AAPL is trading near $296.80 after retreating from the $315-318 area. The stock failed to hold above $300 and is now testing the short-term support zone around $295-296. A deeper pullback could bring $290 into focus, followed by the $286-288 area near the rising medium-term moving average. To restore bullish momentum, buyers need to reclaim $300-303 first, with a stronger signal only above $310.
Base case
The base case for AAPL is neutral to moderately bullish. Strong iPhone demand, services growth and the upcoming leadership transition to John Ternus keep the longer-term story intact, but the stock needs fresh AI confidence to justify a clean breakout. As long as AAPL holds above $290, the current move looks like a correction within a broader uptrend; a break below that level would weaken the setup - as was written in Apple remains in bullish trend despite pullback.
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