TL;DR: Apple stock tumbled nearly 7% on Thursday and Friday after the FTC warned the company over alleged anti-conservative bias in its news aggregation service, Apple News. The iPhone maker is also facing pressure from investors following reports that the long-awaited AI update to Siri has been delayed (again) after internal tests revealed a range of technical issues.

The latest catalyst for the sell-off is an FTC letter sent to Apple CEO Tim Cook, alleging that Apple News promotes liberal media outlets while suppressing conservative ones. According to the agency, this alleged left-wing bias violates federal consumer protection laws and raises "serious questions" about whether the company is acting in accordance with its own terms of service.

Written by FTC chair Andrew Ferguson, the letter cites a recent study by the right-wing Media Research Center, which analyzed 660 articles featured on Apple News in January 2026 during high-traffic morning time slots. The study found that most of the content came from outlets it described as liberal, including the Associated Press, The New York Times, and The Washington Post.

Another factor weighing on investor sentiment is a recent report claiming that Apple's long-anticipated Siri overhaul has been pushed back to at least May due to technical hurdles. The company had reportedly planned to debut the new AI features with iOS 26.4 in March, but is now expected to roll out most key features with iOS 26.5 in May and iOS 27 later in the fall.

The FTC's action came a day after President Donald Trump shared a New York Post article citing the Media Research Center report, which alleged that Apple News displays a "clear bias" against conservative outlets such as Fox News, the New York Post, the Daily Wire, and Breitbart.

Since being appointed FTC chair by Trump last year, Ferguson has launched multiple investigations into tech companies over alleged liberal bias. Prior to issuing the warning to Apple, he accused Google of blocking Republican fundraising emails through its automated spam-filtering system in Gmail.

Ferguson has also opened an investigation into the nonprofit media watchdog Media Matters for allegedly colluding with advertisers to boycott conservative platforms, and was sued by media rating service NewsGuard, which accused him of attempting to stifle free speech over its low rating of a conservative publication.