Apple CEO Tim Cook unveiled the tech giant’s latest iPhones, watches and AirPods in a splashy Tuesday event – but failed to stem a weeklong slump in shares of the world’s most valuable company.
Apple – whose market capitalization surpassed the $3 trillion mark on June 30 at $193.97, only to get slammed last week on concerns about a clampdown on iPhones in China – on Tuesday introduced a slew of new devices, including several models of the iPhone 15, the Apple Watch Series 9 and the AirPods Pro.
At the event held at the Steve Jobs Theater, Cook revealed the iPhone 15 will boast a brighter screen that goes to 1600 nits — or twice as bright as the 14 model. It will also feature a 48-megapixel camera — a significant upgrade from the 12 megapixels on the non-Pro iPhones from last year.
The four iPhone models, which will go for $799 and up, are also ditching Apple’s proprietary “Lightning” charging and data connector to the universally used USB-C port — a change mandated by the European Union which the company initially opposed but has since reluctantly embraced.
Apple also showed off a new Series 9 Watch with a feature called “double tap” where users tap thumb and finger together twice, without touching the watch, in order to perform tasks like answering a phone call.
The new line of gadgets will be available in stores Sept. 22.
Nevertheless, Apple shares tanked during and after the presentation, sliding nearly 2% on Tuesday.
Some bearish analysts note that demand for smartphones has tanked as consumers grapple with inflation.
The global smartphone market has slumped as consumers grapple with inflation, although Apple’s shipments declined the least of any major smartphone maker, dropping from 46.5 million phones to 45.3 million, according to data from Counterpoint Research.
“The truth of the matter is, we’re in a very down smartphone market,” said Bob O’Donnell, head of TECHnalysis Research.
Itau BBA analyst Thiago Kapulskis, a noted Apple bear, cited three consecutive quarters of declining revenue. He told CNBC Pro that he expects Apple’s stock to fall another 9% due to turbulence in China.
Others note that while other Silicon Valley giants such as Nvidia, Microsoft, and OpenAI have raced ahead in the artificial intelligence arms race, Apple has been relatively quiet on the AI front.
Nonetheless, Dan Ives, managing director and senior equity research analyst for Wedbush Securities, told The Post he remains bullish on Apple shares, predicting that Tuesday’s launch will “kick off a mini super-cycle over the coming year” for Apple.
“The specs in iPhone 15 around chips, battery, and camera technology are unmatched globally as we anticipate this upgrade cycle will yet again surprise the Street and long standing bears on the Apple story,” Ives said.
This story originally appeared on NYPost
