Tech stocks rebounded on Monday as chip stocks recovered from a $1 trillion wipeout on Friday that dragged the Nasdaq Composite index (^IXIC) 4% lower.

But one “Magnificent Seven” stock — Apple (AAPL) was noticeably in the red. The stock fell 1% after the iPhone maker demonstrated its new AI-powered version of Siri and the trust and safety features of iOS 27 at its annual Worldwide Developers Conference (WWDC) on Monday at its Cupertino, Calif., headquarters.

Some strategists chalked up the ho-hum reaction from investors to a “buy the rumor, sell the news” response, as expectations for Apple’s AI strategy reboot had been building for some time. At the event, Tim Cook received a standing ovation, as it was his last Apple developers conference as CEO.

Meanwhile, comments from Nvidia CEO Jensen Huang in Seoul, South Korea, lifted semiconductor names on Monday. The AI kingmaker said investors should be "excited" about the market pullback, saying that it offers traders a buying opportunity.

"We're at the beginning of it, and whatever happened to the stock market, you should be very happy because now you can buy at a discount," Huang said about the future of artificial intelligence.

Oracle (ORCL) earnings on Wednesday and the company's update on demand offer another catalyst for the AI trade this week.

Anticipation also continues to build ahead of the SpaceX (SPAX.PVT) initial public offering on Friday. The IPO is expected to be the largest on record, valuing Elon Musk's rocket, satellite, and AI company at roughly $1.8 trillion. It could also mint Musk as the world's first trillionaire.

OpenAI (OPAI.PVT) on Monday said it filed confidential paperwork for an initial public offering (IPO), setting up one of the most anticipated market debuts in years.

The company said it hasn't decided on timing yet, and that it may take a while "because there are things we want to do that are likely easier as a private company."

In March, OpenAI said it had a post-money valuation of $852 billion.

The announcement sets up a showdown with rival Anthropic (ANTH.PVT), which filed confidential paperwork for its own IPO last week. Anthropic was last valued at $965 billion.

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Apple stock (AAPL) rose and then fell as investors assessed the latest developments from the Worldwide Developers Conference (WWDC), including a revamped, AI-powered Siri and improvements in its latest iOS updates.

At last check, the stock was down 0.8%.

“The stock drop is entirely buy on the rumor, sell on the news,” Deepwater Asset Management’s Gene Munster said on X. “Everything they showed is what was expected and the features are something only Apple and Google can do with personalized AI.”

Still, Munster added, investors remain uncertain about the timing and whether Apple can actually deliver a successful AI product.

Apple (AAPL) revealed iOS 27 at its Worldwide Developers Conference in Cupertino, Calif., on Monday. The software powering more than 1 billion iPhones worldwide now includes a host of AI updates designed to improve overall performance.

The company said it has made visual improvements to its Liquid Glass interface style, including the ability to reduce the divisive light-diffusion effect, which Apple launched last year.

The company said it has also made its devices more responsive, as well, making swiping between apps smoother. Opening iPhone and iPad apps is now 30% faster.

Older iPhones also get improved performance via iOS 27, including devices as far back as the iPhone 11.

Apple emphasized trust and safety this year. In particular, the company discussed preventing children from overusing their devices via its child safety features.

Parents can now limit the apps their child can access, providing them with access to a few essential options, and then gradually adding more over time.

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Apple (AAPL) unveiled its long-delayed AI-powered version of its Siri digital assistant at its annual Worldwide Developers Conference (WWDC) on Monday in Cupertino, Calif.

The new Siri, called Siri AI, includes a variety of upgrades that bring it closer to AI helpers like OpenAI's (OPAI.PVT) ChatGPT and Google's (GOOG, GOOGL) Gemini, enabling users to have back-and-forth conversations and complete tasks.

It's the biggest update to Apple's digital assistant in years, turning it into a kind of AI hub for your iPhone, iPad, and Mac.

Ahead of the announcement, Apple's senior vice president of software engineering, Craig Federighi, framed the new Siri and Apple Intelligence updates as more purposeful than those of other companies that add AI for the sake of saying they use the technology.

Powered by Google's own Gemini AI model , Siri AI is more conversational than its predecessor and gets its own dedicated app and customizable voice options.

Apple demonstrated how chats now work with Siri, showing off how you can ask when an artist you like is performing nearby. The assistant will then provide you with upcoming tour dates and set a reminder for them. The company then showed how you can quickly ask Siri to play a single by the artist.

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Intel (INTC) stock rallied by more than 11% after The Information reported that Google (GOOG) had asked Intel to manufacture 3 million of its in-house Tensor Processing Unit (TPU) chips.

The boon for Intel comes as Taiwan Semiconductor Manufacturing Company (TSM), the global leader for chip manufacturing, has been struggling to keep up with chip demand.

The demand has created openings for rivals like Intel, which are seeking orders from companies such as Google. Google is expected to produce more than 6 million TPUs through 2027 and 2028, according to Morgan Stanley, in a signal of potential business for Intel.

Nvidia (NVDA), the global chip leader, hasn't yet placed orders with Intel but has been testing whether Intel's technology could be used to manufacture its next series of GPUs, The Information reported. Nvidia is Taiwan Semiconductor's largest customer, according to statements from CEO Jensen Huang.

Apple (AAPL) will host its annual Worldwide Developers Conference (WWDC) on Monday at its Cupertino, Calif., headquarters. The event, Tim Cook's last as CEO of the company, will serve as a kind of reboot of Apple's AI strategy, which has lagged behind competing firms' efforts to date.

The biggest news out of the show, which runs through June 12, will likely be the debut of Apple's long-delayed, AI-infused version of Siri.

The digital assistant landed on iPhones with a good deal of fanfare in 2011 but has largely languished over the years. Siri's deficiencies have become even clearer with the advent of generative AI models, chatbots, and, more recently, AI agents.

Apple initially announced a revamped AI version of its helper in 2024, but ran into issues getting it out the door.

And while Apple has launched its Apple Intelligence platform, which includes features such as writing tools, image editing, and the company's Visual Intelligence capabilities, it hasn't been enough to allay investors' concerns that Apple has fallen troublingly behind in the AI race.

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Chip stocks were in recovery mode on Monday morning from a bruising sell-off on Friday as investors began buying the dip.

The iShares Semiconductor ETF (SOXX) rose 4% in premarket trading, as semiconductor stocks, including Nvidia (NVDA), AMD (AMD), and Broadcom (AVGO), broadly rose.

Nvidia CEO Jensen Huang encouraged the dip-buying behavior on Monday, stating that the build-out of artificial intelligence is just beginning. During a trip to Seoul, South Korea, Huang said, “Everybody should be very excited” about the AI-fueled future.

“We’re at the beginning of it, and whatever happened to the stock market, you should be very happy because now you can buy at a discount,” Huang said, according to Bloomberg.

During the trip, Nvidia and SK Hynix Inc. (000660.KS) announced a multiyear agreement to design AI memory chips.