Apple unveils iPhone 16, sparking major upgrade cycle tomorrow

Apple Inc is set to unveil its iPhone 16 lineup tomorrow, with Wall Street analyst Dan Ives from Wedbush Securities predicting a significant upgrade cycle for the company. Ives emphasizes that the integration of artificial intelligence will be a major factor driving this anticipated surge in consumer interest. He estimates that around 20% of global consumers will engage with generative AI applications through Apple's ecosystem in the near future. Ives's analysis is supported by supply chain checks indicating stronger-than-expected initial shipments, projecting around 90 million units, which exceeds previous expectations of 80 to 84 million. This increase represents a double-digit growth compared to the previous year. Looking ahead, he forecasts that Apple could sell over 240 million iPhones in fiscal year 2025 as the AI-driven upgrade cycle gains momentum. The iPhone 16 is expected to feature larger displays for Pro models, the new A18 chip, improved battery life, and enhanced camera technology. Ives believes that Apple will maintain similar pricing to the iPhone 15 to promote widespread adoption of these AI-enhanced devices. The launch event, referred to as the “Glowtime” event, will also showcase potential updates to Apple Watches and AirPods. As Apple prepares for this significant launch, the tech community is eager to see if the company can meet the high expectations set by analysts. If successful, this event could mark a pivotal moment in Apple's growth trajectory, positioning the company as a leader in the consumer AI revolution.