The “first iPhones designed from the ground up” for AI were introduced Monday.
Topline
Apple’s annual product launch Monday failed to immediately capture the hearts of investors, as shares of the world’s biggest company slumped during the event largely focusing on previously rolled-out artificial intelligence features coming to iPhones.Key Facts
The event, dubbed “Glowtime” by Apple, marked the official debut of the company’s iPhone 16 line designed to support the integration of generative AI directly into the smartphone’s operating system, and Apple CEO Tim Cook kicked off the prerecorded video by declaring the company is “thrilled to introduce the first iPhones designed from the ground up” for AI.
Among the new non-AI iPhone 16 features include a new customizable camera control tool, and the company emphasized privacy in its Apple Intelligence initiative, a major talking point ahead of the generative AI push.
Apple Intelligence features will hit the U.S. in October as part of a free software update but won’t be ready for Chinese and Spanish languages until next year, a perhaps unwelcome update for those looking for a global rush for new iPhones beginning in 2024.
Shares of Apple fell 1% as the event turned its attention to the iPhone 16 about an hour after its 1 p.m. EDT start, building on a slight dip in earlier trading and moving against a more than 1% gain for the tech-heavy Nasdaq Composite stock index.
