Apple Event 2024: New iPhone 16 set to lead AI revolution

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Apple is all set to launch the iPhone 16 series on September 9, 2024 and the tech company is about to make a major leap with its upcoming iPhone 16, which are likely to bring new artificial intelligence (AI) features to the popular smartphone, the AP reported.

The new iPhone, set to be revealed on Monday in Cupertino, California, at an event held in honor of Apple co-founder Steve Jobs, promises to revolutionise the way we use technology.

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Apple has sold billions of iPhones since then, helping to create about USD 3 trillion in shareholder wealth. But in the past decade, there have been mostly minor upgrades from one model to the next, a factor that has caused people to hold off on buying a new iPhone and led to a recent slump in sales of Apple's marquee product.

The iPhone 16 is generating a bigger buzz because it is the first model to be tailored specifically for AI, a technology that is expected to trigger the biggest revolution in the industry since Jobs thrust Apple into the smartphone market 17 years ago.

Since the first iPhone was introduced in 2007 by Jobs, Apple has sold billions of these devices, significantly increasing shareholder wealth. However, recent iPhone updates have been relatively minor. The iPhone 16 aims to change this by focusing on AI, which is expected to be the biggest shift in tech since the iPhone first launched, an AP reported stated.

The iPhone 16 are likely to have added features of advanced AI capabilities, including improvements to the voice assistant Siri and the ability to create custom emojis instantly. This shift towards AI could make Apple a major player in the AI revolution, according to Dan Ives, an analyst at Wedbush Securities, the news reports suggested.

Apple began hinting at its AI focus three months ago during a developers conference, building excitement for the new iPhone. Since then, competitors like Samsung and Google have also made strides in AI. Google even released its new Pixel phones with advanced AI features ahead of Apple's iPhone 16 to compete for attention, as per the the AP.

Apple is promoting its AI technology as "Apple Intelligence," which, while similar to AI on Google's Pixel 9 and Samsung Galaxy S24, is designed to run directly on the iPhone rather than relying on remote data centers. This requires a special processor, which is also used in the high-end iPhone 15 models released last year.

Investors are expecting strong demand for the iPhone 16, leading to a recent 13 per cent rise in Apple's stock price and increasing the company's market value by nearly USD 400 billion.