Apple sued by shareholders over delayed Siri AI rollout, $900 billion in value lost
Apple AAPL.O was sued on Friday by shareholders in a proposed securities fraud class action that accused it of downplaying how long it needed to integrate advanced artificial intelligence into its Siri voice assistant, hurting iPhone sales and its stock price.
The complaint covers shareholders who suffered potentially hundreds of billions of dollars of losses in the year ending June 9, when Apple introduced several features and aesthetic improvements for its products but kept AI changes modest.
Apple did not immediately respond to requests for comment. CEO Tim Cook, Chief Financial Officer Kevan Parekh and former CFO Luca Maestri are also defendants in the lawsuit filed in San Francisco federal court.
Artificial intelligence: Will AI replace Google on your iPhone? Apple thinks so. Here's why.
Shareholders led by Eric Tucker said that at its June 2024 Worldwide Developers Conference, Apple led them to believe AI would be a key driver of iPhone 16 devices, when it launched Apple Intelligence to make Siri more powerful and user-friendly.
But they said the Cupertino, California-based company lacked a functional prototype of AI-based Siri features, and could not reasonably believe the features would ever be ready for iPhone 16s.
Shareholders said the truth began to emerge on March 7 when Apple delayed some Siri upgrades to 2026, and continued through this year's Worldwide Developers Conference on June 9 when Apple's assessment of its AI progress disappointed analysts.
Apple shares have lost nearly one-fourth of their value since their December 26, 2024 record high, wiping out approximately $900 billion of market value.
The case is Tucker v. Apple Inc et al, U.S. District Court, Northern District of California, No. 25-05197.
Reporting by Jonathan Stempel in New York; Editing by Mark Porter and Rod Nickel
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President Donald Trump said in an interview that aired Sunday that he did not plan to extend the July 9 tariff deadline he set for countries to broker deals with the US. "I don't think I'll need to," he told Fox News's Maria Bartiromo. He added, however, "I could, no big deal.' During a White House press conference on Friday, Trump said the July 9 deadline to raise "reciprocal" tariffs was not set. "We can do whatever we want," said at the press conference. "We could extend it, we could make it shorter," adding that his preference was to make it shorter. Late on Sunday, Canada cancelled its digital services tax on US tech companies, such as Apple (AAPL), Amazon (AMZN) and Alphabet (GOOG, GOOGL), just hours before it was set to start. Canada's finance ministry said Prime Minister Mark Carney and Trump will resume negotiations to reach a deal by July 21. 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Minutes later, he said that a July 9 deadline to raise "reciprocal" tariffs is not set and perhaps could move, but in an unpredictable direction. "We can do whatever we want," he told reporters of that deadline. "We could extend it, we could make it shorter," adding that his preference was to make it shorter. Read more here President Trump on Friday said he is cutting off all trade talks with Canada, threatening to set a new tariff rate on goods imported from the country within the next week. The reason, according to Trump: Canada's plan to implement a digital services tax, which could affect US tech companies. Trump's about-face throws a potential wrench in weeks of trade progress. Just hours earlier, the US and China cemented the trade truce first agreed to last month in Geneva. Here's Trump's Truth Social post on Canada, in full: On Friday afternoon, President Trump touted tariff revenue and an influx of domestic manufacturing but offered few details on the state of tariff negotiations ahead of the July 9 deadline, when the tariff pause expires. The president acknowledged that the administration won't be able to reach deals with 200-plus countries over the next week and a half. But he did not definitively say whether tariff rates would jump back up to "Liberation Day" levels. "We can do whatever we want," Trump told reporters in a press briefing, referring to the tariff pause. "We could extend it. We could make it shorter — I'd like to make it shorter. I'd like to just send letters out to everybody: 'Congratulations, you're paying 25%'" So far, the Trump administration has confirmed preliminary trade agreements with China (as of today) and the UK. Trump noted that officials are in the process of negotiating other deals, which he said are "going to go very quickly." In particular, Trump again teased a potential deal with India, which has faced roadblocks in recent weeks over some of the country's protectionist policies for certain sectors. "Some of the bigger countries, India, I think we're going to reach a deal where we have the right to go in and trade," Trump said. "Right now, it's restricted. ... We're looking to get a full trade barrier dropping, which is unthinkable, and I'm not sure that that's going to happen, but as of this moment, we've agreed to go into Indian trade." US and EU officials are confident of clinching a trade deal before a July 9 deadline, Bloomberg reported Friday. Amid continued progress on China, the US-EU talks have come in high focus ahead of that deadline, with US tariffs of up to 50% looming on EU imports. From the report: Read more here. 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The other shoe has dropped: Beijing has backed up the plans for trade easing laid out by the US, signaling warmer relations between the recently feuding sides. Bloomberg reports: Read more here. Nike (NKE) slipped this one into its earnings call last night: It could see a $1 billion tariff hit to profits this year! How does it plan to overcome that, you ask? By jacking up prices even more soon. How the consumer responds to the higher prices will determine if the tariff hit is a greater-than-expected weight on the business. Keep that risk in mind as the big premarket move excites you. We'll dive more into Nike's quarter on Opening Bid live at 9:30 a.m ET. President Trump has said the US could sign a 'very big' trade deal soon that would open up the Indian market to American businesses, even as both sides meet in D.C. to break a recent deadlock over key issues. Bloomberg reports: Read more here. President Trump said Thursday that the US and China have "signed" a trade deal, cementing months-long negotiations. The deal builds on meetings in Geneva between representatives of both nations and implements measures previously agreed upon. 'We just signed with China yesterday,' Trump said during remarks at the White House, without offering specifics. A White House official later clarified that both nations had agreed to a framework to implement the Geneva truce first negotiated in May. In that truce, the US and China agreed to a 90-day reduction in tariffs while working toward a formal deal. Talks had stalled over issues such as US export controls and China's rare earth exports. Earlier this month, Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and Trade Representative Jamieson Greer met in London with Chinese Vice Premier He Lifeng. Following two days of negotiations, the parties said they had reached an agreement 'They're going to deliver rare earths to us,' Lutnick said in an interview with Bloomberg. "We'll take down our countermeasures", he added. The announcement comes a deadline looms for the US to reimpose tariffs of up to 50% on several trading partners by July 9 unless the countries reach permanent agreements. Lutnick has hinted that deals are incoming with the largest trade partners. "We're going to do top 10 deals, put them in the right category, and then these other countries will fit behind," he said. Bloomberg reports: Read more here. Yahoo Finance's Pras Subramanian reports: Read more here. After pausing his steepest tariffs in April, President Trump and his administration said the goal was "90 deals in 90 days." So far, the only agreement they have to show is with the United Kingdom. Bloomberg reports that a key sticking point in negotiations with trade partners has come from uncertainty as to whether other Trump tariffs — on metals, chips, and more — would still apply. From the report: In fact, the report said the UK deal provides a "cautionary tale": Read more here. Yahoo Finance's Ben Werschkul reports: Read more here. White House Council of Economic Advisers chairman Stephen Miran spoke with Yahoo Finance's Brian Sozzi earlier today about the state of tariff negotiations two weeks out for the Trump administration's self-imposed July 9 deadline. That deadline marks the end of a tariff pause on the higher levels of "Liberation Day" tariffs. But with only one interim deal inked with the UK and several ongoing negotiations in play, it raises the question: What happens next? "My expectation would be that for countries that are negotiating in good faith and making progress that rolling back the deadline makes sense," Miran said on Yahoo Finance's Opening Bid. "I mean, you don't blow up a deal that's that's in process and making really good faith, sincere, authentic progress by dropping a tariff bomb in it." Sozzi adds: Read more here. Associated British Foods may become the first casualty of Britain's tariff deal with the US and have said it may have to close the UK's largest bioethanol plant by September if the government does not provide funding. Reuters reports: Read more here. Trade talks between India and the US have hit a roadblock in recent weeks, particularly over the level of tariffs in the auto, steel, and agricultural sectors. That's left an interim trade deal in jeopardy ahead of President Trump's July 9 deadline. Here are some key issues at stake, according to a Reuters analysis: Read more here. Toy prices are going up faster than ever, mainly because of new tariffs in an industry where most toys, about 75%, are made in China. 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Yahoo
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Canada cancelled its digital services tax. What was it and why did the U.S. hate it?
OTTAWA — Tech giants such as Amazon and Google will not have to shell out close to $2 billion as expected today, as Canada moved to cancel the controversial digital services tax on Sunday, just one day before the first payment was due. The announcement from Finance Minister François-Philippe Champagne came late Sunday evening, following a phone call between Prime Minister Mark Carney and U.S. President Donald Trump. That call concluded a flurry of discussion between the two countries since Trump suddenly announced on Friday afternoon that he was ending all trade talks with Canada and threatened new tariffs. But the standoff had really been building for years. Here's a brief look at what the tax was about and why Trump made such a drastic move to try and kill it. What is the digital services tax? The tax was announced in 2020, but the legislation to enact it didn't pass until last year. While it has been in effect for a year, the first payment, retroactive to 2022, was to be submitted on June 30. The government intended it to overcome what Canada saw as a tax loophole, with big tech companies operating in Canada digitally, making money off Canadian users and data, but not paying tax on it in Canada. The tax was to apply to companies that operate online marketplaces, online advertising services and social media platforms, and those that earn revenue from some sales of user data. It meant companies such as Amazon, Google, Meta, Uber and Airbnb, would pay a three-per-cent levy on revenue from Canadian users. The tax was only to cover large companies, those that have worldwide annual revenues greater than 750 million euros per year and Canadian digital services revenue greater than $20 million per year. The parliamentary budget officer had estimated it would bring in $7.2 billion over five years. Because the first payment was retroactive to cover three years, the expectation was the companies collectively could be on the hook for an initial payment of around US$2 billion. Why did Canada impose it? Work has been underway for years at the Organization for Economic Co-operation and Development to set up a multilateral tax approach meant to replace digital service taxes imposed by individual countries. But after that work stalled, Canada went ahead with its own tax. Other countries, including France and the United Kingdom, also have digital taxes. The Liberals had long maintained Canada would go ahead on its own if the OECD deal fell through. In a 2024 release, the government said while "Canada's priority and preference has always been a multilateral agreement," many of Canada's allies have digital services taxes in place. "Canada has been at a disadvantage relative to these countries which have continued collecting revenue under their pre-existing digital services taxes," it said. Why do some oppose it? Critics of the tax took issue with Canada's refusal to wait for a global deal. They also opposed the retroactive application of the tax, which means companies will have to pay several years' worth of taxes at once. U.S. businesses and politicians argued the tax targets U.S. companies. The tax applied to all large tech companies no matter where they were based, but because so many of those companies are American, U.S. firms would have paid the bulk of the money. In a letter earlier this month, 21 members of Congress said U.S. companies will pay 90 per cent of the revenue Canada will collect from the tax, and that first payment will cost U.S. companies US$2 billion. That opposition isn't new. The Biden administration also pushed back against the tax, and the stance isn't isolated to Canada, with the U.S. also opposing digital service taxes imposed by other countries. Before the tax was rescinded on Sunday, the president of the American Chamber of Commerce in Canada said its "members have been warning for years that this tax would become a flashpoint in the Canada-U.S. relationship. That moment has arrived." The tax is "retroactive, one-sided, and deeply damaging to cross-border trade," Rick Tachuk said in an emailed statement, which encouraged Canada to cancel its tax. Michael Geist, Canada research chair in internet and e-commerce law at the University of Ottawa, wrote in a blog post Saturday the current conflict shouldn't come as a surprise. "Canada pushed ahead despite efforts at an international agreement on the issue and later dismissed the increasing friction over the issue with the U.S., which has been signalling its opposition to the DST for many years," he said. Geist said once Finance Minister François-Philippe Champagne confirmed on June 19 Canada would be going ahead with the tax, the government "virtually guaranteed the U.S. would respond as it did." Where does Trump come in? While opposition to the tax has been brewing south of the border for years, Trump escalated it abruptly Friday afternoon with an online post. He wrote he was "terminating all discussions on trade with Canada" because of the tax and called it a "direct and blatant attack on our country." He also complained about Canada's dairy-sector protections that include high tariffs on imports of American milk and cheese. Canada and the U.S. have been in a trade war for months, triggered by Trump's imposition of tariffs. At the G7 summit in Alberta earlier this month, Carney and Trump agreed to work on reaching a deal by mid-July — work that Trump said was halted Friday. Friday afternoon, shortly after Trump's post went live, Carney told reporters he hadn't spoken to Trump that day but that "we'll continue to conduct these complex negotiations in the best interests of Canadians." So what happened on Sunday? A flurry of activity followed Trump's post on Friday, culminating Sunday night in the call between Trump and Carney. The decision opened the door for trade talks to restart, and Carney said in a statement, the overall results of those talks were paramount. 'In our negotiations on a new economic and security relationship between Canada and the United States, Canada's new government will always be guided by the overall contribution of any possible agreement to the best interests of Canadian workers and businesses," he said. "Today's announcement will support a resumption of negotiations toward the July 21, 2025, timeline set out at this month's G7 Leaders' Summit in Kananaskis.' This report by The Canadian Press was first published June 30, 2025. Anja Karadeglija, The Canadian Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
