Wedbush: Apple Set to Dominate Consumer AI Market with iPhone 16 Super Cycle Apple’s new artificial intelligence (AI) technology is so advanced that analysts at Wedbush believe it positions the company as a leader in consumer AI, potentially driving an iPhone 16 upgrade boom.

According to Wedbush, the launch of Apple Intelligence is expected to significantly boost demand for the iPhone 16, overcoming concerns about sales in China.

The firm is optimistic about both the iPhone’s prospects and the impact of Apple Intelligence.

Analysts at Wedbush suggest that investors now see Apple as a key player in the consumer AI sector.

Contrary to past reports placing Apple behind in AI, Wedbush argues that Apple is poised to lead, with competitors like Meta and Google needing to catch up.

This confidence stems from how Apple Intelligence integrates with AI apps from developers, such as OpenAI, with Wedbush predicting the development of hundreds of generative AI apps compatible with Apple Intelligence over the next year.

Wedbush estimates that 270 million iPhone users haven’t upgraded in over four years, matching their forecast of 270 million iPhones sold in 2024.

Apple iPhone

This projection is supported by their observations of stability in the Asia supply chain, suggesting a recovery in Chinese sales with the iPhone 16 launch.

The firm’s analysts also foresee a significant boost in Apple’s high-margin services, predicting an annual growth of $10 billion.

They anticipate that the synergy of iPhone sales and AI software opportunities could increase Apple’s stock value by $30 to $40 per share.

Wedbush maintains a $275 price target for Apple, following JP Morgan’s recent increase of its target to $245, driven by Apple Intelligence announcements.

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