Official invites for Apple Park's September 9 iPhone 16 launch were distributed by the company on Monday.

Wedbush analysts predict that this development will mark the beginning of Apple's "biggest upgrade cycle," with "AI now on the doorstep."

Analysts expressed increased optimism that Cupertino will have a much-needed economic revival in the upcoming year, citing their recent inspections in Asia.

Wedbush now predicts that the iPhone 16 will ship in excess of 90 million devices in its first run, above original market estimates of 80 million to 84 million units. This would be a double-digit gain over the previous year.

According to the investment business, there will likely be a large spike in demand because an estimated 300 million iPhones globally have not been updated in more than four years.

Analysts said, "We believe Apple could sell more than 240 million iPhones in FY25 as this AI-driven upgrade cycle takes hold." "China continues to be the cornerstone of Apple's growth, and starting with the iPhone 16 and continuing through fiscal 2025, this important region is set to see improving growth once again."

They draw attention to the fact that programmers and tech firms will have to incorporate their AI models into Apple's ecosystem, which is backed by 1.5 billion iPhones and 2.2 billion iOS devices globally.

Wedbush anticipates hundreds more generative AI-driven applications being developed over the next six to twelve months, which may greatly help Apple's success. The predicted yearly high-margin growth from this combination may bring Apple's Services sector to $10 billion.

(Sources: investing.com, reuters.com)