Apple Inc. (NASDAQ) has officially announced the launch date for its highly anticipated iPhone 16, scheduled for September 9 at Apple Park. Analysts at Wedbush predict that this event will trigger the “largest upgrade cycle” in Apple’s history, fueled by the integration of artificial intelligence (AI).
Wedbush’s recent analysis suggests that this upgrade cycle will bring a significant resurgence of growth for Apple over the coming year. The firm has revised its projections, estimating that initial shipments of the iPhone 16 will surpass 90 million units, exceeding earlier market forecasts of 80 to 84 million units. This forecast indicates a substantial double-digit increase from the previous year.
The firm highlights that approximately 300 million iPhones worldwide have not been upgraded in over four years, creating a substantial potential for increased demand. Wedbush anticipates that Apple could sell more than 240 million iPhones in fiscal year 2025 as the AI-driven upgrade cycle gains momentum. China remains a critical growth market for Apple, with expectations for improved growth driven by the iPhone 16 and subsequent products.
The upcoming introduction of Apple Intelligence is expected to position Apple as a key player in the consumer AI revolution. With 2.2 billion iOS devices and 1.5 billion iPhones globally, Apple is poised to become a central hub for AI integration. Over the next 6 to 12 months, Wedbush predicts that developers will create numerous generative AI-driven apps, potentially contributing an additional $10 billion in high-margin annual revenue to Apple’s Services segment.
In a separate announcement, Apple revealed that its longtime CFO, Luca Maestri, will step down on January 1 after more than a decade in the role. Maestri will continue to oversee Corporate Services, while Kevan Parekh, a seasoned Apple finance executive, will take over as the new CFO.e future of the web.
