Apple doesn't typically release new iPhones during the summer, but the software updates revealed on Monday at WWDC will launch alongside new hardware in the fall. Apple will also reveal more of its artificial intelligence strategy, including updates to Siri and its partnership to use Google's Gemini models.

Apple stock has neared record highs in recent weeks as investors and analysts approved of a Google AI partnership announced in January and the latest iPhones have shown strong, continuing sales momentum.