Apple iPhone 16 event: What investors need to know

Published: Sep 08, 2024 Duration: 00:03:48 Category: News & Politics
Tags : news Breaking News money finance investing business politics wall street stocks economy CNBC the exchange kelly evans newsroom
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RAINBOW. WE'LL WAIT TO HEAR MORE HEADLINES AND BRING THEM TO US AS YOU GET THEM AND WE'LL SEE YOU SHORTLY, STEVE KOVAC. >> FOR MORE ON WHAT TO EXPECT AND WHAT IT MEANS FOR THE STOCK. HE HAS A $261 PRICE TARGET AND ALSO JOINING US IS EDITOR AT PLATFORM AND CNBC CONTRIBUTOR CASEY NEWTON. WELCOME TO YOU BOTH. CASEY, OFF-THE-CUFF-REMARKS AND WE KNOW APPLE SHARES GO UP AFTER PRICE ANNOUNCEMENTS LIKE THIS, BUT WHERE IS THE FOCUS GOING TO BE? >> MY FOCUS WILL BE WHETHER WE CAN GET CLARITY AROUND THE ROLLOUT OF THESE AI FEATURES AND THERE'S BEEN REPORTING AS STEVE JUST SAID, WE'RE NOT GOING TO SEE SOME OF THESE FEATURES HIT UNTIL OCTOBER, BUT ALSO IT COULD BE UNTIL DECEMBER OR EVEN LATER UNTIL WE SEE SOMETHING LIKE THE CHATGPT ROLLOUT. THERE'S BEEN SO MUCH TALK ON THE LEADUP TO TODAY'S EVENT ABOUT THE iPHONES DRIVING AN AI UPGRADE CYCLE AND RIGHT NOW IT DOESN'T SEEM LIKE ALL OF THE PIECES ARE IN PLACE FOR THAT TO HAPPEN. >> ALL OF THE PIECES ARE NOT IN PLACE. SO DOES THAT, IN A WAY, COULD WE SAY, WELL, THE BULL CASE AS THEY SLOWLY DRIP THIS OUT AND THERE'S MORE UPSIDE, OR DO THEY NEED TO DO SOMETHING LIKE A WHIZ BANG TO CATCH THE CONSUMERS' ATTENTION IN A SLEEPY iPHONE MARKET? >> I DO THINK THERE HAS TO BE MORE ABOUT WHIZ BANG HERE. AS STEVE WAS SAYING, RIGHT NOW THE FEATURES THAT ARE COMING EVEN IN OCTOBER AND DECEMBER, IT FEELS KIND OF LIKE SMALL POTATOES AND SUMMARIZE A WEB PAGE AND SUMMARIZE A TEXT MESSAGE IT WON'T MAKE PEOPLE RACE OUT AND SPEND $1,000. ON THE OTHER HAND, THESE CHANGES HAVEN'T BEEN APPROVED IN CHINA AND ALSO HAVEN'T BEEN APPROVED IN EUROPE. TO THE EXTENT THERE IS CONSUMER APPETITE FOR THEM, AS THOSE MARKETS START TO OPEN UP I CAN'T SEE PEOPLE GOING TO THE STORE TO GET THE NEW iPHONE. >> THEY DO HAVE A LITTLE BIT OF THIS POST ANNOUNCEMENT SELL-OFF AND 261, IS THAT 10 -- 20% UPSIDE FROM HERE? >> YEAH. THAT'S OUR PRICE TARGET RIGHT NOW, AND WE DO THINK THAT THIS IS GOING TO BE A SMALLER BUILDUP. SO WE HAVE MAYBE 3% TO 4% iPHONE SEGMENT, REVENUE GROWTH AND THE SEPTEMBER QUARTER INTO THE DECEMBER QUARTER AND WE HAVE THAT STEPPING UP TO A FASTER PACE APPROACHING DOUBLE DIGITS AS YOU EXIT 25 AND GET INTO 26 AND YOU GET THE NEXT iPHONE CYCLE. THE INTERESTING THING HERE IS THAT THE AI KIND OF RANT IS NOT JUST TIED TO THE PHONES AND IT'S TIED TO SOFTWARE UPDATE. THIS COULD BE DIFFERENT THAN ANY OTHER iPHONE ARC WE'VE SEEN BEFORE WHICH IS THE FUNCTIONALITY IMPROVES INCREMENTALLY DURING THE ROLLOUT OF THIS NEW DEVICE. IT DOESN'T HAVE TO BE JUST AT THE LAUNCH. SO WE COULD SEE SOME IMPROVEMENT IN GROWTH HERE NEAR-TERM AND MAYBE EVEN MORE ACCELERATION UNTIL WE GET TO THE NEXT GENERATION OF iPHONE. >> I THINK THAT'S A GREAT POINT. TESLA HAS BEEN DOING THIS WITH FULL SELF-DRIVING AND OTHER FEATURES AND BARTON, IS THAT STILL A BIT CONFUSING TO CONSUMERS, WELL DO SOME OF THE FEATURES APPLY IF I HAVE AN iPHONE 15 AND THERE'S NOT THE EXPECTATION OF NEW PHONE, BRAND-NEW FEATURES, ONE AND DONE. >> I THINK WHEN THE MARKETING KICKS IN THERE WILL BE SOME EXCITEMENT AMONG CONSUMERS. IF YOU LOOK BACK AT THE 5G UPGRADE CYCLE. 5G WASN'T A TREMENDOUS IMPROVEMENT OVER 3G INITIALLY, ARGUAB ARGUABLY EVEN NOW AND PEOPLE NEED TO HAVE FOMO, FEAR OF MISSING OUT. YOU ALREADY HAVE A GROUP OF PEOPLE BUYING iPHONES BECAUSE THEIR iPHONES IS BASICALLY ON ITS LAST LEGS AND IT'S THAT INCREMENTAL EXCITEMENT AND

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