As Apple gears up for its highly anticipated “Glowtime” event on September 9, Wedbush analyst Dan Ives predicts that the launch of the iPhone 16 could usher in a transformative era for the tech giant.
What’s Happening: Speaking on CNBC’s ‘Squawk on the Street’, Ives highlighted the potential of the upcoming iPhone 16 series to ignite a “historical period” for Apple. He emphasised that the tech titan is on the cusp of a major upgrade cycle driven by advancements in AI.
Ives also addressed Apple’s CFO transition, with Luca Maestri set to depart in January 2025 and Kevan Parekh, the current VP of Financial Planning and Analysis, stepping into the role. Ives reassured that such changes are typical for Apple and won’t disrupt the company’s trajectory.
With an estimated 300 million iPhones worldwide remaining outdated for over four years, Apple believes that the iPhone 16’s advanced features could trigger a significant upgrade wave. He noted that this shift could see 25% of the global population accessing AI through their iPhones, heralding a potential “supercycle” for the tech industry.
Why it matters: Apple's announcement of the “Glowtime” event has already created a buzz, with tech enthusiasts and investors eagerly anticipating the unveiling of the iPhone 16 series. The event will likely showcase a range of new products, highlighted by AI-driven innovations.
Ives has previously projected that Apple could be on a path to a $4 trillion valuation, positioning itself as a key player in the consumer AI revolution with its Apple Intelligence.
However, some analysts advise caution, noting that significant AI enhancements, including upgrades to Siri, may not be fully realised until 2025.
As the tech world watches closely, the September 9 event promises to be a pivotal moment for Apple, potentially setting the stage for a new era in technology and innovation.
