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Apple (AAPL) has unveiled a wave of new product releases at its "It's Glowtime" event. Creative Strategies CEO and principal analyst Ben Bajarin joins Market Domination to break down what consumers can expect from the tech giant and whether the new product offerings will drive a upgrade cycle.

Bajarin believes that the new iPhone 16 will drive an upgrade cycle, arguing, "I do think that there's so much evidence that Apple has a very, very aging installed base — a good portion of the base going back to even just iPhone 12 and beyond. So you have to imagine that a lot of those folks are just up against their upgrade cycle." He explains that these customers are looking to buy new products, and Apple is in a good position as "the base iPhone 16 is probably the best base iPhone they've ever made," Bajarin says.

While many investors were hoping to hear more about Apple Intelligence features, the company did not provide any updates. However, Bajarin points to the Visual Intelligence feature coming to the iPhone 16, which will allow users to take a picture of an object with the camera and receive information about it." Any additional Apple Intelligence features will be available starting from the iPhone 15, and will be available in beta to users in October.

Bajarin believes that Apple Intelligence will be critical in the long-term, explaining, "I think there's just a lot of people who do need to upgrade. I think the hardware will entice them. I think the carrier promotions will entice them with the hope that Apple Intelligence continues to be very, very interesting and help sell this cycle and strengthen this cycle over time." In the immediate term, he believes that the iPhone 16's hardware will spearhead an upgrade rush.

For more expert insight and the latest market action, click here to watch this full episode of Market Domination.

This post was written by Melanie Riehl