3:53pm: Wedbush weighs in
Analysts at Wedbush maintained an Outperform rating and $230 price target for Apple following the company's fall event, noting the iPhone 15, 15+, Pro and Pro Max models create something of a "supercycle" for the Cupertino company.
"The iPhone 15 launch comes off the heels as Apple further penetrates its large ecosystem and we also believe ASPs [average selling prices] are bumping up towards a roughly $900/$925 with a heavier Pro mix shift for the iPhone 15 setting up for a new 'mini supercycle' despite the uncertain macro and China worries," the analysts wrote.
The standard iPhone 15 will start at $799, while the 15 Plus begins at $899. The iPhone 15 Pro starts at $999, and the iPhone Pro Max starts at $1,199.
Specifically, Wedbush projects a 75%/25% ratio in favor of the Pro models compared to the historical 60%/40% level, due in large part to sales in China.
"This speaks to the underlying demand story that Apple anticipates for this next iPhone release with our estimates that ~250 million+ of 1.2 billion iPhone users worldwide have not upgraded their phones in over 4 years," they added.
3:15pm: No more Minis
Amid the iPhone 15 launch excitement, Apple has quietly removed the iPhone 13 Mini from its product lineup - discontinuing the last of its smaller-sized iPhones.
There was speculation ahead of Apple's event that the iPhone 13 Mini would be dumped, as the iPhone 12 mini was discontinued at last year's event and no iPhone 14 Mini was released.
The iPhone 12 has also been discontinued. Apple's smartphone offering is now the iPhone 15, iPhone 15 Pro, iPhone 14, iPhone 13, and the second-generation iPhone SE.
2:40pm: More iPhone 15 details emerge
The standard iPhone 15 will start at $799, while the 15 Plus begins at $899. The iPhone 15 Pro starts at $999, and the iPhone Pro Max starts at $1,199. The Series 9 Apple Watch will be priced at $399.
Preorders for all four iPhone models start on September 15, with in-store availability on September 22, the same date the watch goes on sale.
These new iPhones feature Dynamic Island, a redesigned notch at the top of the screen that minimizes visual space, a feature initially introduced with the iPhone 14 Pro models last year.
2:18pm: The iPhone 15 Pro
The iPhone 15 Pro (6.1" display) and Pro Max (6.7" display") feature a titanium enclosure, which boasts one of the highest strength-to-weight ratios among metals. That makes it the lightest iPhone Pro model to date, and it's made from the same grade of titanium used on the Mars Rover.
The Pro is powered by the A17 Bionic chip, which the company says is capable of challenging even high-end desktop PCs. The 3-nanometer chip is built using ultraviolet lithography. The chip's GPU is robust, up to 20% faster and features 6 cores for peak performance.
Hardware-accelerated ray tracing allows games to run much more smoothly compared to software-based ray tracing. In terms of challenging PCs, that's something Nvidia does, too. All told, this makes Apple the best mobile gaming platform in the world, the company said.
The Pro also comes with a customizable action button, once known as the iPhone mute switch. Users will now be able to toggle other features using the action button, such as the flashlight.
Camera-wise, the iPhone 15 Pro Max will have a 5X optical zoom with a new telephoto “periscope” camera. That's meant to stabilize the camera for sharper images. This compares to 3X zoom on the standard Pro model. The camera is also able to shoot at multiple focal lengths
1:55pm: The iPhone 15 is here
The latest iPhone has an A16 bionic chip that debuted on the iPhone 14 Pro, 5 Core GPU and 6 Core CPU. It comes with a textured matte finish, Ceramic Shield glass, and a screen that reach a brightness of 2,000 nits in outdoor, bright settings. The phone enclosure uses 75% recycled aluminum.
It's also available in pink.
The iPhone 15 will have a second-gen Ultra Wideband chip, allowing it to devices up to three times farther away. That means Apples Find My feature will work with an expanded range.
Dynamic Island, the pill-shaped screen cutout that also started on iPhone 14 Pro models last year, will be featured on the iPhone 15. Dynamic Island houses the phone's the selfie cameras and acts as a second display for information such as flight status or an Uber ETA.
In terms of the camera, the iPhone 15 will boast a 48-megapixel camera with greater depth control and smart HDR on the selfie camera. Switching to selfie mode is also a thing of the past, as the phone will automatically detect when a person is in view of the front-facing camera.
Notably, thanks to European Union requirements, it also comes with a USB-C charging port.
The iPhone 15 will be available for $799.
1:40pm: Apple Watch Ultra 2 revealed
The Apple Watch Ultra 2 is designed for "extremes," with a brightness of 3,000 nits for use in harsh sunlight. For comparison, the iPhone 14 Pro tops out at about 2,000 nits. It also uses the full screen display to show altitude, depth or other statistics around the edges.
Apple Watch models are available for order starting today, at $799 for Ultra, $499 for Series 9 with cellular and $399 for Series 9 without cellular. All can last up to 18 hours on a single charge.
The company also touted the carbon-neutral production of Apple Wtach. Lisa Jackson, the company's VP of environmental policy, said starting this year all Apple Watch manufacturing will be powered by 100% “clean electricity.” This is part of the Apple's goal of reaching all carbon-neutral products by 2030. To make the point, Apple even rolled out a pre-taped sketch with Octavia Spencer playing Mother Nature.
Apple will be putting a Carbon Neutral label on its products that have achieved this goal.
1:22pm: Apple Watch Series 9 leads off Wonderlust
The Apple Watch Series 9, available next month, is an upgraded version of the popular watch series. Powered by Apple Silicon, the watch now offers brightness up to 2,000 nits, roughly double the max brightness of the Series 8. It can also dip as low as 1 nit.
The watch will be able to ping users' iPhones in order to locate them and ultrawideband connectivity will provide media suggestions when it detects a nearby Apple HomePod.
Users will also soon be able to ask Siri about their health information for questions such as, "How did I sleep last night?"
The watch also includes a new "double tap" feature, allowing users to answer phone calls, take photos and more simply by tapping their index finger and thumb together twice. This feature significantly expands the ability to operate an Apple Watch with just one hand, such as when holding a cup of coffee.
12:09pm: Wonderlust event to kick off at 1pm ET
Apple is expected to unveil the iPhone 15 at its annual fall event, which kicks off Tuesday at 10 am PT (1 pm ET).
The event, subtitled “Wonderlust” will likely show off the iPhone 15 Pro and Pro Max as well as the 15 Plus, with one of the large changes rumoured being the immediate release of Indian-produced devices –the company normally launches with products which have been produced in China.
Analysts expect the iPhone models to come with faster modem chips and upgrades to its camera technology, but the biggest change is the switch from its lightning charging port to the USB-C port, the industry standard used across most devices.
Additionally, a new Apple Watch Series 9 and Apple Watch Ultra have also been rumored for release at the event, which can be watched on YouTube or by clicking here.
Some Apple prognosticators also expect a new version of the iPad mini and the AirPods Lite, which would be a cheaper alternative to the $169 wireless earphones.
Siri 2.0?
Generative AI an large language models have been the hot tech sector obsession lately, with Meta, Google and Microsoft all testing the water with chatbots and machine learning
Apple has thus far been quiet in terms of AI, but that could change today. The company has "significantly” upped its investment into the computer budget for building AI models and is believed to be spending millions of dollars a day in development, according to reports.
Whether this research is being used to develop a Siri 2.0 remains to be seen, but the tech giant may feel it is time to cash in on the boom.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
Follow him on Twitter @andrew_kessel