As Apple Inc. (NASDAQ:AAPL) prepares for its "Glowtime" event, Wedbush analyst Dan Ives anticipates a "historical period" for the tech giant, ignited by the launch of the iPhone 16 series.
What Happened: Ives shared his insights on CNBC's Squawk on the Street on Tuesday, discussing the upcoming Apple event and the potential impact of the new iPhone 16 on the market.
Addressing the development of CFO Luca Maestri's exit from Apple, Ives expressed confidence in a smooth transition, noting that such changes are typical for Apple at the start of the year.
He then forecasted a significant iPhone upgrade cycle, driven by AI, based on component checks in Asia and the estimated 300 million iPhones (according to Wedbush) that have not been upgraded in over four years.
"This starts a historical period... 25% of the world based on our estimates will ultimately access AI through an iPhone," Ives stated during the interview.
He later reiterated his predictions on X, formerly Twitter, stating, "This iPhone 16 upgrade cycle could be a historical one setting the stage for a supercycle."
This iPhone 16 upgrade cycle could be a historical one setting the stage for a supercycle as currently we estimate roughly 300 million iPhones globally have not upgraded in over 4 years @SquawkStreet
— Dan Ives (@DivesTech) August 27, 2024
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Why It Matters: On Tuesday, Apple announced a CFO transition, with Maestri set to step down on Jan. 1, 2025, and Kevan Parekh, Apple's vice president of Financial Planning and Analysis, to succeed him.
The tech giant has also confirmed its annual iPhone launch event, named "Glowtime," for Monday, Sept. 9, where it is expected to unveil a variety of new products, including the highly-anticipated iPhone 16 series.
Investors and tech enthusiasts are closely watching Apple, with the upcoming iPhone 16 and its AI-driven features generating significant buzz.
Previously, Ives said that he sees Apple on the "path to $4 trillion," functioning gatekeepers of the consumer AI revolution with the integration of Apple Intelligence.
However, some analysts caution that AI enhancements will be gradually introduced over the coming years, with some features such as an enhanced Siri not expected until 2025.
Photo courtesy: Apple
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.