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Massive upgrade cycle looms for Apple with iPhone 16 launch
Monday July 8, 2024. 08:02 PM , from Mac Daily News
Since Apple’s reveal of Apple Intelligence at WWDC in early June, Wedbush analyst Daniel Ives believes he is seeing optimism “growing throughout the Asia supply chain that this iPhone 16 AI driven upgrade could represent a golden upgrade cycle for Cupertino”, based on the idea that there is huge global pent-up demand.
Oliver Hill for Proactive Investors: The analysts, who reiterated his ‘outperform’ rating and $275 price target versus the last close just above $226. “We believe the Street is now starting to slowly recognize that with Apple Intelligence on the doorstep in essence Cupertino will be the gatekeepers of the consumer AI Revolution,” he said. Other technology stalwarts, possibly including Meta Platforms and Google, are “likely” to need to integrate their AI models/technology into Apple Intelligence in future, Ives said, “as Apple and its golden iOS ecosystem hold the only keys to the castle of 2.2 billion iOS devices worldwide and 1.5 billion iPhones”. This means the next six to 12 months will see developers build “hundreds” of generative AI-driven apps for the Apple Store, with its technology stack creating the “core building blocks of the consumer AI tidal wave we see coming”, starting with iPhone 16 in mid-September. Down the line, Wedbush estimates this could result in incremental high margin growth for Apple Services of $10 billion annually, what he calls “the start of new multi-pronged AI revenue stream” based on hardware and software. Support MacDailyNews at no extra cost to you by using this link to shop at Amazon. MacDailyNews Take: Bring it on! Please help support MacDailyNews. Click or tap here to support our independent tech blog. Thank you! Support MacDailyNews at no extra cost to you by using this link to shop at Amazon. [Thanks to MacDailyNews Reader “Fred Mertz” for the heads up.] The post Massive upgrade cycle looms for Apple with iPhone 16 launch appeared first on MacDailyNews.
https://macdailynews.com/2024/07/08/massive-upgrade-cycle-looms-for-apple-with-iphone-16-launch/
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