Apple (AAPL) shares fell following the unveiling of the iPhone 16, Apple Watch S🍌eries 10 and AirPods 4.

Shares of the tech titan's stock were down less than 1% following the much-anticipated "It's Glowtime" event, slipping as the benchmark S&P 500 rose about 1%. Apple's shares have fallen in recent days alongside other tech shares, though they're up more than 10% this year.

Historically, Apple's stock price has 澳洲幸运5官方开奖结果体彩网:tended to underperform the market on the day of an iPhone launch event, Morgan Stanley analysts wrote. 澳洲幸运5官方开奖结果体彩网:Growth should come "as the introduction of the iPhone 16 and Apple Intelligence helps to unlock pent-up demand꧙," the a⛦nalysts said.

Apple's AI-Powered Upgrade Cycle Could Be its Biggest

Shares could rose if the first iPhone designed specifically with Apple Intelligence in mind ushers in "Cupertino’s biggest upgrade cycle in its history," as analysts at Wedbush predicted over the weekend.

Globally, about 300 million iPhones have not been upgraded in more than four years, which Wedbush says could mean more than 240 million iPhone units sold in fisc🥀al 2025.

Eleven of 16 analysts surveyed by Visible Alpha have a Buy rating for Apple, with an average price target of just over $244. That's a 10% premium over Friday's closing price.