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Two things investors should keep in mind as Apple works to do something unique in AI: 1️⃣ The scope of their AI ambitions is bigger than last year’s WWDC comments. It's now expected to include conversational AI and using Siri as a UI to access third-party models. The substance remains unchanged, about using Siri to power personal AI. 2️⃣ WWDC won't be a "flip the switch" moment for Siri. The first leap forward likely starts with the new iOS in September, with a phased rollout over the next six months. In other words, we’re about a year away from having access to the new Siri in its entirety. My take: This will be worth the wait.