Bernstein sees Apple stock upside from AI monetization ahead of WWDC

Investing.com - Apple Inc. (NASDAQ: AAPL) is positioned to monetize artificial intelligence through partnerships and services without matching the estimated $200 billion annual capital expenditure of peers, according to Bernstein.

Apple's WWDC 2026 runs from Monday, June 8 through Friday, June 12. The keynote begins June 8 at 10:00 am PT.

Bernstein estimates 13% upside to earnings per share from accelerating replacement cycles and a further 16% upside from upselling a premium version of Apple Intelligence. The firm sees potential for Apple to charge fees on transactions facilitated by Apple Intelligence through third-party partnerships.

Apple Intelligence could enable transactions such as booking a car through services like Uber based on calendar appointments, with Apple taking a percentage of the economics. Bernstein believes this transaction-based upside would exceed the freemium approach over the long term.

Apple is expected to use WWDC 2026 to reset expectations and showcase Google Gemini-powered Siri, an extensions framework for third-party app interactions, and on-device AI capabilities. The company will emphasize data security as a competitive advantage.

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