Apple kicked off its annual fall product launch Monday at its Cupertino, Calif., headquarters. The spotlight was on the debut of the AI-enabled iPhone 16 smartphone series.
Apple detailed the hardware upgrades, product specifications and pricing for the new handsets. The company touted the capabilities of its latest smartphone operating system, iOS 18, including new artificial intelligence features.
In addition to new iPhones, the consumer electronics giant unveiled the latest Apple Watch lineup and new AirPods wireless earbuds.
What follows is our live coverage of the event.
Apple stock is on the IBD Tech Leaders list.
4:17 p.m. ET
Apple Ekes Out Gain
Apple stock bounced back, eking out a .04% gain to close at 220.91. The stock edged higher fractionally in extended trading.
3:29 p.m. ET
Apple Stock Dips After iPhone 16 Rollout
Apple's fall product launch was largely surprise-free, thanks to news leaks in the weeks ahead of event. That led to a sell-the-news reaction on Wall Street. Apple stock sank 1% to 218.63 after the event.
However, Apple's component and technology suppliers rose on Monday. Chip designer Arm Holdings jumped 6.2% to 124.54. And Apple's contract chip manufacturer Taiwan Semiconductor Manufacturing advanced 3.2% to 161.81.
Other chipmakers rising on Monday included Cirrus Logic, Skyworks Solutions, Qorvo and Qualcomm. Audio-chip maker Cirrus Logic received 88% of its sales from Apple in the June quarter. Wireless-chip maker Skyworks got 65% of its sales from Apple in the June quarter. Qorvo gets about 46% of its sales from Apple while Qualcomm gets roughly 18% of its sales from Apple.
Cirrus Logic stock rose 1.5% to 134.35. Skyworks increased 0.5% to 99.32. Qorvo gained 0.3% to 104.69. Qualcomm rose 0.9% to 159.63.
2:40 p.m. ET
New Features For iPhone 16
In addition to the new camera control button, the iPhone 16 features improvements to the handset's multiple cameras and photo software. Its cameras enable higher resolution for capturing finer details.
With Apple Intelligence, users will be able remove objects from their photos.
The iPhone 16 also offers the Messages via Satellite feature to let users stay connected in places where cellular or Wi-Fi aren't available.
The iPhone 16 starts at $799 while the iPhone 16 Plus starts at $899.
Meanwhile, the iPhone 16 Pro models have an improved processor and next-generation machine learning accelerators for AI. The Pro chips are optimized for video games, advanced photography and other features.
The iPhone 16 Pro has a 6.3-inch display while the Pro Max model has a 6.9-inch display.
2 p.m. ET
Finally, iPhone 16 Unveiled
Midway through its product launch, Apple showed off its iPhone 16 handsets.
The regular iPhone 16 has a 6.1-inch display while the iPhone 16 Plus has a 6.7-inch display. The new handsets come with a customizable action button and a new camera control button.
The iPhone 16 smartphones come with Apple's latest processor, the A18. The new chip has a 16-core neural engine optimized for AI models. It also has an upgraded memory subsystem for efficient AI. The chip is built with 3-nanometer scale technology for faster processing.
The iPhone 16 comes with Apple Intelligence for on-device AI processing and Private Cloud Compute for data-center processing.
AI functions on the iPhone 16 include proofreading for your messages and the ability to create custom emoji. AI also will help you search through your photos with short descriptions. Plus, it can prioritize email messages. It also has "visual intelligence" to identify places and things with your camera.
Also, the Siri digital assistant will become smarter and more context aware with Apple Intelligence.
"Apple Intelligence marks the start of a new era for Siri," said Craig Federighi, senior vice president of software engineering at Apple.
Apple stock down nearly 1% in afternoon trades.
1:44 p.m. ET
Over-The-Counter Hearing Aids Coming To AirPods
Apple also announced upgrades across its entire lineup of AirPods wearable devices.
The company's AirPods 4 earbuds boast clearer voice call quality that removes background noise. And a higher-end model includes active noise cancelation to remove background sounds for better music listening and conversations. The basic model AirPods 4 cost $129 while the higher-end version costs $179.
Plus, the company is providing an over-the-counter hearing aid feature to its AirPods Pro 2. The new Pro earbuds cost $249.
Apple also showed off new colors for its AirPods Max headphones, which cost $549.
1:25 p.m. ET
AI Features Coming To Apple Watch
Apple Watch Series 10 also features faster charging. Users can get up to an 80% charge in just 30 minutes. The device has all-day, 18-hour battery life.
The latest processor for the Apple Watch enables artificial intelligence functions. AI features on the watch include the enhanced Siri personal digital assistant, speech translation, and workout and fall detection. Other AI features are focused on health such as detecting irregular heart beat and sleep apnea.
Further, Apple Watch Series 10 will be available on Sept. 20 and will start at $399.
1:13 p.m. ET
Apple Debuts Apple Watch 10
Apple began its fall product launch event with a lifestyle video showing real customers using its products and services, including Apple Watch, iPhone, AirPods and Apple Music.
Chief Executive Tim Cook said the Apple Watch, AirPods and iPhone are having a "profound impact" on customers' lives.
He then introduced the company's latest smartwatch, the Apple Watch Series 10. The watches feature a bigger display and thinner design.
The new watches have up to 30% more screen area than previous generations. The bigger display makes it easier to type a message and other uses. The display is up to 40% brighter than prior models.
1:06 p.m. ET
Apple 'Glowtime' begins
Event has started.
12:50 p.m. ET
Apple Stock Down A Fraction
Apple stock bounced back ahead of its iPhone event, but was still down a fraction in early afternoon trades.
11:41 a.m. ET
China's Huawei Steals Apple's Thunder
Just hours before Apple's iPhone 16 launch, Chinese tech giant Huawei previewed a triple-folding smartphone. The tri-fold device, called the Mate XT, has garnered more than 3 million pre-orders, Reuters reported.
Huawei plans to detail the Mate XT at a launch event on Tuesday.
Apple is rumored to be working on a folding-screen iPhone, but it's not expected to launch until 2026, according to media reports.
9:50 a.m. ET
Apple Stock Slips Ahead Of "Biggest Upgrade Cycle In Its History"
Apple stock was down around 1% on the stock market today ahead of the event.
Wedbush Securities analyst Daniel Ives said Apple's iPhone 16 lineup will kick off the "biggest upgrade cycle in its history."
"This iPhone 16 release is all about Apple Intelligence and the unleashing of the consumer AI revolution," Ives said in a client note Sunday. "We estimate that roughly 20% of consumers worldwide will ultimately access and interact with generative AI apps through the Apple ecosystem over the coming years which all kicks off with iPhone 16 this week."
Supply chain checks indicate initial iPhone 16 shipments will be closer to 90 million-plus units, vs. Wall Street's original expectations in the 80 million to 84 million unit range, Ives said.
Ives rates Apple stock as outperform with a 12-month price target of 285.
JPMorgan analyst Samik Chatterjee said much of hardware updates for the iPhone 16 are known because of news leaks from the supply chain. But the focus on AI and software features creates the opportunity for surprises at the event.
"The 'unknowns' and watch points from the upcoming launch event will include pricing and shipping dates, release date of iOS 18 and additionally incremental features and integrations over the ones already highlighted at WWDC to reinforce higher engagement from developers as well as AI partners," he said in a client note Sunday.
Chatterjee rates Apple stock as overweight with a price target of 265.
Follow Patrick Seitz on X, formerly Twitter, at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
