Apple Inc. has scheduled a special event on Sept. 9 to unveil the iPhone 16, which is expected to integrate generative artificial intelligence.

What Happened: The event, tagged "It's Glowtime," will be held at the Steve Jobs Theater in Apple Park and streamed online. The new iPhone is anticipated to feature advanced AI capabilities, including a smarter Siri and personalized Genmoji, as revealed at Apple's Worldwide Developers Conference in June, CNN reported on Tuesday.

However, analysts like Angelo Zino from CFRA Research caution, according to the report that the AI enhancements will be gradually introduced over the coming years, with some features such as an enhanced Siri not expected until 2025.

Zino described the rollout as "more of an evolutionary process" rather than a significant iPhone cycle shift.

Apple's collaboration with OpenAI, the creators of ChatGPT, could further enhance Siri's capabilities, allowing it to recall old photos and provide more personalized information. Despite the excitement, the financial impact remains uncertain, with CFRA not predicting a significant price increase for the iPhone 16, although AI features could potentially drive up costs.

Subscribe to the Benzinga Tech Trends newsletter to get all the latest tech developments delivered to your inbox.

Apple's competitors, like Samsung, have already ventured into generative AI, raising the stakes for Apple's latest innovation. The upcoming launch could potentially change Apple's market trajectory, especially in regions like China where iPhone sales have been declining, according to the report.

Why It Matters: The anticipation surrounding the iPhone 16 is not just about the new features but also its potential market impact. According to Wedbush analyst Daniel Ives, the AI-enabled iPhone 16 could trigger a significant growth cycle for Apple. Ives noted that initial shipments could exceed 90 million units, marking double-digit growth compared to previous estimates.

This launch comes at a crucial time for Apple, which has faced sluggish sales in recent quarters. The new iPhone 16, along with other products like the Apple Watch and AirPods, reportedly will be revealed at the event. Analysts predict a 7% revenue increase to $128.4 billion in the holiday quarter.

Additionally, the iPhone 16 Pro lineup will feature a new "Desert Titanium" color, adding to its appeal. This new shade, described as a "dark gold, similar to the old purple color," is expected to be discreet and deep, according to industry insider Majin Bu.

The launch also coincides with a significant leadership change at Apple. CFO Luca Maestri will transition from his role on Jan. 1, 2025, and will be succeeded by Kevan Parekh, Apple's vice president of Financial Planning and Analysis.