Apple (AAPL) hasn’t put as much effort into dominating the AI sector as other Nasdaq tech rivals, which has caused its stock to lag behind. Apple’s 40-day correlation to the Nasdaq 100 Index tumbled to 0.21 last week, the lowest since 2006, according to data compiled by Bloomberg. Its correlation with the benchmark has been on the decline since May, when it reached 0.92, as Apple’s decision to mostly sit out the AI arms race has turned it into an outlier compared with many of its rivals.

There are growing fears that Apple (AAPL) stock is set to see a further decline. Polymarket data forecasts AAPL stock to fall to $240 from its current $263 price by the end of February. Another reason AAPL has been down is likelye because Bloomberg published a report highlighting that Siri’s upgrades are postponed and not ready for launch. The virtual assistant’s in-voice commands are not working as intended, making it unreliable to process queries quickly. Even when it does, Siri is taking too long, making an upgrade mandatory, which the tech giant has not corrected yet. This led to Apple’s stock remaining in the red the entire trading session, shedding 5% in value.

The stock has also been down due to the growing regulatory pressure on Apple, which is affecting its stock price. Andrew Ferguson, the Federal Trade Commission (FTC) Chairman, sent a letter to CEO Tim Cook warning them of violating laws in the media sector. The letter alleges that the tech titan promotes left-wing narratives in its Apple News segment, while suppressing right-wing views. He accused the company of consolidating circulating power, favoring one side of the spectrum.

Meanwhile, Apple does have a March 4 product event coming up, which could fuel AAPL shares higher. The company invited media to what it called a “special Apple Experience,” scheduled for 9:00 AM ET in New York, London, and Shanghai. The invitation provided few details, which often adds to market interest. At the same time, reports suggest Apple may roll out several new devices during the week of March 2.

“Apple is not a bargain and it hasn’t been in a while, and there’s no real growth there compared with the rest of tech,” said Wayne Kaufman, chief market analyst at Phoenix Financial Services. “However, I think the market will continue to give it the benefit of the doubt.”

“There’s a lot less risk for hardware than software,” Kaufman added. “And regardless of anything else, it isn’t like people can use AI to code themselves a new iPhone.”