(AAPL) Gears Up for Historic “Glowtime” Event as iPhone 16 Launch Approaches

As Apple Inc. (AAPL) prepares for its highly anticipated “Glowtime” event, Wedbush analyst Dan Ives predicts a transformative period for the tech giant, driven by the launch of the iPhone 16 series.

What’s Happening: On Tuesday, Dan Ives shared his insights on CNBC’s Squawk on the Street, highlighting the significance of the upcoming Apple event and the potential market impact of the new iPhone 16. Ives believes this event could mark a pivotal moment for Apple.

Regarding the recent news of CFO Luca Maestri’s departure from Apple, Ives is optimistic about a seamless transition, pointing out that such leadership changes are common for Apple at the start of the year.

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Ives forecasts a substantial iPhone upgrade cycle fueled by advancements in AI. His analysis, based on component checks in Asia and data from Wedbush, suggests that around 300 million iPhones worldwide have not been upgraded in over four years.

Ives’ Key Takeaway: “This initiates a historic period… Our estimates suggest that 25% of the global population will eventually access AI through an iPhone,” Ives commented during the interview. He emphasized this view further on X (formerly Twitter), asserting that the iPhone 16 upgrade cycle could set the stage for a significant “supercycle.”

Why It’s Important: On Tuesday, Apple confirmed the transition of CFO Luca Maestri, who will step down on January 1, 2025. Kevan Parekh, Apple’s Vice President of Financial Planning and Analysis, will succeed him. Additionally, Apple has announced its annual iPhone launch event, “Glowtime,” scheduled for Monday, September 9. The event is expected to showcase a range of new products, including the much-anticipated iPhone 16 series.

Investors and tech enthusiasts are eagerly awaiting the iPhone 16’s debut, particularly its AI-driven features, which are generating considerable excitement. Previously, Ives projected that Apple is on the “path to $4 trillion,” positioning itself as a leader in the consumer AI revolution with its integration of Apple Intelligence.

However, some analysts advise that AI enhancements will be introduced gradually over the next few years, with advanced features like an improved Siri not expected until 2025.

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