"Shares of Apple ( NASDAQ:AAPL) plunged into correction territory on Thursday as the losing streak extended to a whopping seven sessions. Even as the market marched higher in the first few sessions of 2026, Apple stock has been gravitating lower. Alphabet ( NASDAQ:GOOGL) is now officially the larger company by market cap, and it's unclear if the iPhone maker can retake the lead, given the perception of being behind in the AI race might be weighing down sentiment again."
"As Apple's stock negative momentum picks up, investors might be running the risk of discounting some big catalysts in store for 2026. Notably, the big spring-time Siri upgrade might finally help Apple make several strides forward in the AI race. Apple stock's correction feels overdone, especially if the coming Siri upgrade leads to a "Siri surge" With several AI names in the market picking up speed again, perhaps the perception that Apple is trailing in AI is starting to work against the stock."
Apple shares fell into correction after a seven-session losing streak while the broader market rose in early 2026. Alphabet surpassed Apple in market capitalization amid concerns that Apple is lagging in AI. Analyst downgrades and worries about the foldable iPhone or another underwhelming model contributed to profit-taking. After a 10% decline, Apple's trailing P/E is about 34.6. A major springtime Siri upgrade, potentially incorporating Google Gemini, could materially improve Apple's AI positioning by combining a leading model with privacy and security enhancements. If well executed, the Siri upgrade could reaccelerate the iPhone upgrade cycle.
Read at 24/7 Wall St.
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