Oppenheimer Reiterates Perform Rating on Apple Following WWDC 2026
Oppenheimer analyst Martin Yang reiterated a Perform rating on Apple (NASDAQ: AAPL).
“Apple revealed five third-generation Apple Foundation Models (AFM) and a rebuilt, more conversational Siri AI at WWDC 2026.
The most advanced AFM 3 Cloud Pro (capable of agentic tasks), runs on NVIDIA GPUs in Google Cloud, reaffirming an asset-light strategy versus frontier labs.
The standout model is AFM 3 Core Advanced, a NAND flash-stored, on-device model that exceeds normal DRAM limits.
Siri AI ships in beta later this year, but it is excluded in the EU and China on regulatory reasons.
We have two read-throughs from the event announcements: 1) a likely base iP8 memory upgrade to 12GB and price increase, and 2) visual-intelligence features that hint at the sensor combination of future Apple smart glasses (expected in 2027 or later).”
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