Apple's Worst Day Since April: Siri Delays and FTC Heat

5% down. Apple just had its worst trading day since April, and it wasn't because of iPhone sales or supply chain issues. Two distinct pressures hit simultaneously: Siri's much-anticipated AI upgrade got pushed back again, and the FTC started breathing down the company's neck over Apple News bias.

Siri's Endless Delays

Bloomberg reports that Apple's internal timeline for Siri's major AI overhaul has slipped to May—or potentially later. What was supposed to launch "within a couple weeks" will now roll out gradually over several months, if at all on schedule.

This isn't just another product delay. Two years after ChatGPT sparked the AI revolution, Apple is still playing catch-up. While Google Assistant and Alexa have evolved, Siri remains frustratingly limited. For a company worth over $3 trillion, this AI lag is becoming embarrassing.

Apple insists it's "still on track to launch in 2026," but investors aren't buying the reassurance. The market has heard these promises before.

FTC's Political Pressure

More troubling is the regulatory front. FTC Chair Andrew Ferguson sent a letter to CEO Tim Cook demanding a review of Apple News' content policies. The accusation? Promoting left-leaning outlets while suppressing conservative voices.

This isn't just about content curation—it's a signal that Big Tech regulation is intensifying under the new administration. After targeting Meta and Google, regulators are now setting their sights on Apple's media influence.

The timing is telling. Ferguson cited "recent reports" but provided no specific evidence, suggesting this could be more about political messaging than substantive policy concerns.

Market Reality Check

Investors responded with their wallets. Apple's stock crashed through the $220 support level, wiping out roughly $150 billion in market value. That's more than the entire market cap of most Fortune 500 companies—gone in a single day.

The sell-off reflects deeper concerns about Apple's innovation trajectory. While Nvidia races toward a $4 trillion valuation on AI momentum, Apple seems stuck in neutral. iPhone sales are plateauing, and the promised AI revolution keeps getting delayed.

The Innovation Paradox

Apple's predicament illustrates a classic Big Tech dilemma: success breeds caution. The company that once "moved fast and broke things" now moves carefully to avoid breaking its reputation. Every product launch is scrutinized, every feature debated internally for months.

Meanwhile, nimbler competitors ship AI features weekly. OpenAI iterates rapidly, Google experiments boldly, and even Microsoft has found its AI groove. Apple's perfectionist culture, once its strength, may now be its weakness.

Regulatory Crosshairs

The FTC pressure adds another layer of complexity. Apple has largely avoided the antitrust spotlight that engulfed Google and Meta, but that immunity appears to be ending. With control over the App Store, Apple News, and the broader iOS ecosystem, the company presents multiple regulatory targets.

Unlike previous tech investigations focused on market dominance, this Apple News inquiry centers on content bias—a politically charged issue that could escalate quickly depending on public sentiment.