Apple Inc's (AAPL  ) next trillion dollars of market value may not come from a new iPhone - it may come from Siri. Wedbush analyst Dan Ives believes Apple's AI monetization opportunity could add $75 to $100 per share to the stock over the next few years. That implies Apple's AI layer alone could be worth as much as $1.5 trillion in market value (given Apple currently has about 14.7 billion shares outstanding). That's nearly half of the company's current valuation - and yet, the market is barely pricing it in.

The disconnect helps explain why recent weakness in AAPL stock may have less to do with fundamentals and more to do with timing.

Apple's Biggest AI Advantage Is Its Installed Base

Unlike most AI companies still searching for users, Apple already has them - more than 2.5 billion active devices and over 1.5 billion iPhones worldwide. That gives Apple an unmatched distribution engine to roll out AI-powered services instantly across its ecosystem.

Ives expects Apple's long-awaited Siri overhaul and broader AI platform to begin rolling out in phases starting this summer, with more advanced capabilities arriving into 2026. The real opportunity isn't just smarter devices - it's monetization.

Apple could introduce AI-driven subscription services, embedding recurring, high-margin software revenue into its ecosystem - a shift that would move Apple deeper into SaaS-like economics.

Wall Street May Be Missing Apple's Next Growth Engine

For years, Apple's valuation has been anchored to hardware cycles. But AI has the potential to create an entirely new revenue layer on top of its existing base - without requiring Apple to sell a single additional device.

That's why Ives believes Apple's AI strategy could dramatically reshape its long-term value. The company isn't just adding AI features - it's positioning itself to monetize intelligence across the largest consumer technology ecosystem in the world.

If execution matches expectations, Apple's AI business could become one of its most valuable assets - hiding in plain sight.