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at the developers conference for reaction to that and the other key announcements made today let's bring back in Star wed Bush analyst Dan IES thanks for being back with us you said you said going in that this was one of the most important moments in the history of this company perhaps one of the top three moments did it live up to the hype I think it was a home run I mean ultimately they delivered on every item that they needed to in terms of open AI terms of the privacy and really essentially what they're doing is they're laying out the stack for developers they're the only way that they're going to tap into that data is going through Apple so to me this is the start of what's going to be an aid driven I think Super Cycle from 16 to 17 and most importantly Scott it's Services I think this is going to be really a game changer from a Services perspective you call it that that it CH by the way um here's the note I mean you you published literally a new note before you sat down back with us um so maybe a lot of it was locked and loaded and ready to go you call it uh a game changer you say that the company is not getting any credit for its AI monetization isn't that rightfully so isn't this a bit of a show me story at this point oh no and look but Apple's been there before from a show me perspective but if you look you have 270 million I think this is the most important thing 270 million of 1.5 billion iPhones have not upgraded four plus years penup demands there and now they they're laying the yellow brick road to monetization for AI look we could talk about Godfather of AI jents and Nidia and the dell and Microsoft and everything that we see in this 1995 AI moment but from a consumer perspective 25% of the world in our opinion when they access AI it's going to be through an Apple device let me ask you this apple just wrapped up the worldwide developers conference keynote and unveiled a slew of exciting innovations that will take their devices to the next level during the finally anticipated keynote Apple gave us a sneak peek into the new AI capabilities and substantial software upgrades coming soon to iPhones iPads Macs and Beyond were you on the edge of your seat watching live or did you miss out on all the big reveals no worries we've rounded up all the need to know announcements for you right here in today's video additionally we'll talk about whether investors should go all in on Apple stock after this impressive event so don't miss out but but before we get into today's video if you want to keep up with Apple'ed why has the upgrade cycle been so slow you highlight what you call pent up demand we could have said perhaps a year ago there's pent up demand the new phone did not lead to a tremendous uh super cycle as as you suggested why the products are too good I mean the battery technology has just gotten better if you look at from especially in China you know you really haven't seen many upgrades there for the last 2 3 years and from a hardware perspective the Innovations really haven't been there that's been that Catalyst but now the catalst are really going to be on the software it's going to be on the chip it's going to be on the LM and essentially what cook here did to say this is our Castle this is the Apple Castle the data is not leaving if you're a developer you want access to it you got to come to copertino and Apple Park if not you're not going to be there and that's why and there's 2.2 billion reasons iOS devices why the why I believe there is so important why do you think the stock is doing what it's doing today and is is it as simple as saying well it ran up into the announcement but I want to hear it in your own words as to why you think whatever the stock performance reflects if anything and one moment doesn't make a full story for sure but there's not a flying off the chart move today in the stock to suggest perhaps the optimism that you articulate in your seat cuz I think the kneejerk there was nothing there was no wow in itself in terms of an actual use case that they talked about that I think the average investor was I mean you just painted a whole wow thing now now but now you say there was no wow I'm saying wow individually I think when you look overall to presentation I actually thought it was a head expectation relative to what they laid out and I think a lot of times with apple events look I remember Scott iPhone 6 I could go through many events you came out of here being like what investors are not they're disappointed and then all of a sudden you had a 500 billion go to a three trillion so I do think in the Apple story investors are glass half empty but I believe we sit here 6 12 months from now this will be a historical moment for Apple wedbush Securities Den Ives is extremely bullish on Apple and who can blame him the new event sent the stock higher and allowed Apple to briefly take back its spot as the second most valuable company in the world from Nvidia the most important announcement was definitely the company's first ever AI system Apple intelligence this system is Apple's new personal intelligence system that puts powerful generative models right at the core of your iPhone iPad and Mac that enables a ton of new capabilities across Apple's native apps like the ability to generate images or summarize text additionally Apple intelligence comes with a big emphasis on security as the system will automatically decide whether it needs to use on device processing or contact Apple's private cloud computing server to fulfill your request notably the system will be available for free and on the iPhone 15 Pro as well as on iPads and Macs with an M1 chip and later Apple's big push into AI also includes Siri as the company also o upgraded its Voice Assistant Siri will now be integrated more deeply into the iPhone appearing as a pulsating light on the edge of the device it will also give a phone users more control over apps allowing them to ask the voice assistant to find information inside a particular email or even surface a photo of a particular person from the phone's gallery and apple will make this possible by relying on large language models to help Siri better understand what people say and keep track of follow-up requests and questions there are many other great announcements that Apple made including the company's partnership with open AI so let's take a look at what it's all abacy Dan we talked a little bit earlier about some of the features that Apple announced specifically talk to us a little more about that partnership with open Ai and the implications of it and kind of how it's going to work yeah so really what they're doing is they're going to be integrating uh GP technology open AI technology into uh iOS so uh you'll be able to do things like pullup Siri asked a question you could choose if you want to have a GPT answer or Siri answer now Apple says that all the information your data all of that is going to uh not go up to uh open AI it's not going to be shared it's not going to be used to train anything uh and that really is something that's that's important uh we saw Sam mman wandering around ahead of the event uh they didn't didn't make too much fanfare of the announcement it was relatively small when you take into the totality of what Apple announced here but uh you know the Apple intelligence platform is uh seemingly a a kind of you know new way for Apple to move forward because it's going to be across all of these different platforms which it's iPhone iPad Mac didn't say anything about uh uh Vision Pro yet or watch OS uh or or Apple TV uh but the uh the fact that it's going to be on iPhone on iPad and on Mac and talking across those is really important and I think when you look at the the companies that are offering consumer level AI That's Microsoft Apple and Google Apple seems to have really started to come out on its own uh ahead of the other two now that being said they were only just announced we haven't used it yet we haven't seen what kind of uh hiccups there might be you know Google and Microsoft did announce their own AI products and they had hiccups in fact Microsoft just had to pull back its recall feature an AI driven feature before they even released it because of some backlash of atenti security issues so this is a a big move uh for Apple they're going to have to be essentially uh testing it they're going to roll out the beta uh the private beta and then the public beta and then we'll see what kind of reactions uh users give uh towards that but it's it's interesting because they're also not just doing this using Apple software they're also opening it up to third-party software uh so you'll be able to do things uh like ask uh your phone to take advantage of certain app features uh or pull up information from certain apps so it really is kind of an Allin approach for Apple here and for a company that you know wall Street's been waiting for 2 years to see what they were going to do with gener of AI uh it really seems as though they they've delivered on what was expected but nothing over and beyond that and Dan I'm interested too what you know one theme today was privacy Apple really emphasizing that you know not surprising that that's a core value in in copertino I'm just I'm curious to get your take down how much you think that resonates with consumers how much that matters with consumers but I think for for most people that's you know a big selling point for Apple they push security as as a selling point and privacy as a selling point for themselves all the time um and I think that for for the average consumer when they think of Jed of AI there's questions as to whether or not their data is going to be used uh to train models or be sent back to uh some large server where it's held on to and definitely uh Apple making sure to say look uh we're going to send the bare minimum amount of data it's going to go to special Apple running on Apple silicon with all the kind of privacy you would expect uh and that it's not going to be stored there so that's an important differentiator for Apple that they're they're trying to use I think one of the other important differentiators to point out and one of the things that they try to lay out at the top is that this is all going to be context sensitive to your information now rather than broad-based kind of uh GPT or or U Microsoft Google this is all going to be based on your data so when you pull stuff up on your phone you're going to be looking for information from your apps uh I used an example earlier about if you have to pick someone at the airport uh you could say should I leave for the airport what time do I have to pick up Mom or whatever uh and it'll look through your content and tell you exactly what you need to know and I think that's a key differentiator for Apple here they're making it about security as you as you pointed out and then about the context sensitivity here that's something that I think is is uh really important and could be a major selling point for Apple just making things a lot easier for consumers overall Dan finally I want to ask you I mean you immersed in Tech you use it a lot in your daily life um what was the feature today that most wowed you that they introduced honestly I I think for myself we want to see how this whole context sensitivity thing works right I mean cool I can rearrange the apps on my iPhone screen all right that's fun uh the Gen Emoji the kind of AI Emojis all right that's cool you know people like that my brother loves it uh but for me it's going to be about how does this now pull information that I need up like surfaces it properly for for me um I think you know for for generative AI for consumers this is probably the way to go uh being able to edit my photos it's fun and all uh being able to you know uh edit some some audio great fun uh interesting ways to use this but the the the the contact sensitivity pulling up content that I need summarizing things for me in an easy to understand way the the the notifications feature that they announced uh the uh the sensitivity for for notifications that you want so I don't need to know that the Met's lost again before I get a text message from my wife it'll stack them the right way the more important one my wife the less important one the Mets lost now if the Mets win they're more important but they're not so whatever but I think that's something that is that is very important and something that I I think overall is is going to be a selling point not just not just for me but for most people we just have to see if they can deliver exactly in what they promised and for geni it can be hit or miss so far yes most definitely utility and execution those are going to be the two really determining factors here Dan thank you so much appreciate it more of Apple's new features include the ability to use AI to summarize emails and generate responses generate custom emojis based on a text prompt and a new AI image generator called image playground additionally apple is adding AI powered transcriptions and summaries to notes and the phone apps but aside from all the AI apple is introducing a new and more customizable control center in iOS 18 and will also let you lock certain apps with the coming update preventing other people from using them when you hand them your phone in addition to that Apple confirmed that RCS support is arriving with iOS 18 but it didn't expand on any other details beyond that though my message is getting some other upgrades including the ability to schedule texts and support for SMS messaging via satellite last week there were some rumors floating around about Apple launching a passwords app and they turned out to be true as the company showcased a new passwords app that will let you keep track of your login details across different devices what's even better is that the app will let you generate and store passwords so these are the main AI announcements from Apple's recent keynote but do they mean that investors should now invest in the company let's hear from Top analysts and discuss the bull case for Apple to ell when do we start to get the first indications of what this really is going to mean do we have to wait until deep into the fall the early winter right that a lot of this is not even going to be available for upgrade until the fall yeah I think it starts with Asia checks you know that us and others do do you start to see tick UPS coming from the Asia supply chain 3 5% type growth for iPhone 16 then you start to layer on an upgrade cycle that's really important because that's aling what Apple sees from a demand perspective I think it all comes down to China I mean China We Believe June's last negative growth quarter this will be a catalyst and the biggest issue with AI is about privacy and this is really afflect the muscles for cook and I think lay it out perfectly I also think open AI it's a get out popcorn moment there's going to be a lot more with Alman being here that we're going to surround open Ai and apple I thought the demos that they showed again it's was expected but for the average person this is must have if you don't have ai powered uh if Apple didn't do this they would be uh they would be totally out of luck on the over the long term they did it and I think that this will ultimately the the punch line here is they're going to grow next year faster than the street thinks the Street's looking for 6% growth I bet it's going to be 10% plus next year meeting in for it's going to take time I agree with Dan I think Dan was talking about it's going to take time for this uh to build momentum it's going to you know this won't happen overnight but this is a big deal you're uh if you don't have uh these features it's it's the fabric that's going to run the devices if you don't have it you're going to feel like you're on a a flip phone so Jean when when you think about sort of how this is monetizable is it initially mostly going to be on the hardware side in otherwise in other words when you're upgrading your iPhone you're thinking about getting the more expensive version as opposed to the less expensive version and eventually turns into a Services stream I think that's right the the first chapter and that I put that chapter over the next one to three years is going to be the slow Rising tide of upgrade Apple iPhone returning to 5% uh 7% growth I think the second phase is probably some specific uh services that they'll have around kind of higher feature AI they didn't talk about agentic AI agent AI this is uh basically the ability we've talked about this in the past of AI actually doing tasks for you complicated multi-layered task contacting people organizing things that's a big opportunity longer term but you are correct Melissa this is about uh getting people to recognize that their current phone isn't nearly good enough and I think that they hit it this is the biggest day for Apple since the iPhone uh full stop Den Ives is well known for his bullish views on Apple and his $275 price Target proves that as it implies an upside of around 40% additionally Gan monster from Deepwater Asset Management thinks that Apple will see stronger growth than Nvidia next year but is Apple Stu a by now Apple investors end do at a difficult time in the first 4 months of 20 24 as shares of the tech giant fell 8% while the NASDAQ 100 technology sector index gained 6% over the same time the company's stagnant growth and a lawsuit from the US Department of Justice explain why investor confidence in Apple stock was low during this time the good news is that the company might receive some love thanks to its new AI announcements and if you take a look at the company's financials you'd see that Apple's Revenue in the second quarter of fiscal 2020 24 was down 4% from the year ago period to 90.8 billion driven mainly by a drop in iPhone sales however Apple beat Wall Street's expectations of $1 and 50 per share in earnings on $90 billion in Revenue what's more the company expects to return to growth in the current quarter with its Revenue forecasted to increase in the low single digits on a year-over-year basis apple is forecasting double-digit growth in the services business and iPad Revenue also the global smartphone market reported 7.8% year-over-year growth in the first quarter of 2024 following a 3% decline last year according to IDC the market research firm is forecasting a 2.8% increase in smartphone sales this year but there is a good chance the market could clock stronger growth thanks to AI enabled smartphones IDC estimates that 170 million AI smartphones could be shipped in 2024 accounting for 15% of the overall Market according to Counterpoint research that number is expected to head higher impressively in the future with shipments forecasted to jump four times in the next four years more importantly Counterpoint is expecting Apple to become the leading player in the AI smartphone market in 2025 for these reasons investors should consider buying Apple stock as it could potentially soar in the future thanks to the the rapidly growing AI smartphones Market but what do you think about Apple appl apple
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