In the past, Apple has frequently rolled out a premium experience more gradually rather than being the first to release new technologies. The onus is now on the massive iPhone manufacturer to impress consumers with capabilities that surpass those that rivals like Samsung and Microsoft have previously unveiled for their mobile devices and PCs.

Beyond the features themselves, though, the most important question heading into WWDC may be which owners of Apple devices will be able to use them: will owners of older iPhones be able to use the new AI tools, or will they be limited to using them exclusively on upcoming devices that are expected to launch in the fall, possibly due to the need for more potent new chips or faster processors?

In the latter case, if the features are strong enough, they may trigger the company’s next significant iPhone upgrade cycle.

Luria said that the company’s price might go as low as $160 per share due to uninteresting new features or AI capabilities that are accessible to anyone with an older iPhone. However, intriguing new technologies may push people to upgrade come autumn, bringing shares up to $240 a share. (On Friday, Apple’s stock ended the day barely below $197.)

According to Luria, “that’s the key: Apple will have the first upgrade cycle in four years if it’s compelling and not backward-compatible.” “And since that was the last time they had a significant jump, that will mean a lot for the stock.”

The Apple iPhone 15 series displayed for sale at The Grove Apple retail store in Los Angeles, California. Wall Street is hoping the iPhone 16 will come with major AI updates.

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