Apple rolled out the iPhone 16 at its annual September product event, showcasing the artificial intelligence and machine learning capabilities of the new devices.
“We are thrilled to introduce the first iPhones designed from the ground up for Apple Intelligence and its breakthrough capabilities,” Apple CEO Tim Cook said.
Apple Intelligence launched last June and represents Apple’s effort to join the AI arms race, which has transformed the tech sector and helped boost a newer player, Nvidia, into the ranks of the elite.
Other products introduced during the event included Apple Watch Series 10, which features the largest screen size of any of the company’s watches, with 30% more screen area.
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New versions of AirPods and the high-end AirPod Max were also unveiled. The company’s best-selling earbuds model, the AirPods Pro 2, did not receive a full-scale upgrade. Nevertheless, some innovative tweaks to its software enable it to serve as a hearing aid. It also includes hearing protection tools and can administer a medically vetted hearing test.
The performance of the iPhone has an outsized influence on Apple’s overall financial state. Sales of the phones accounted for $39.3 billion in revenue (46% of the total) in the company’s fiscal third quarter, which ended June 29. Services is the next-highest-grossing division, collecting $24.2 billion in quarterly revenue.
Rolling out new phones and products has long been a September tradition for Apple, which sees its heaviest consumer activity in the fourth quarter, especially during the end-of-year holiday season.
Investors didn’t seem to be overly enthusiastic about the news coming out of the event. Shares in Apple declined 1% to $217.56 as it unfolded. They came into today’s trading up 15% in 2024 to date.
“What a remarkable day of announcements about products that continue to have an impact on all of our lives,” Cook said in his pre-recorded wrap-up remarks.
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