Apple’s (AAPL) big September launch event Tuesday featured what we would describe as a slew of incremental updates to the tech giant’s most popular devices. Wall Street was not all that impressed. However, we did find encouraging moments. The webcast from Apple headquarters in Cupertino, California came at a particularly turbulent time for the stock after reports that China banned its government workers from using iPhones or any other foreign devices at work. The news crushed Apple shares last Wednesday and Thursday, wiping out $200 billion in stock market value . Apple had stabilized with small gains on Friday and Monday, which were erased, and then some, in Tuesday’s post-event decline. Jim Cramer has said since the China rumors first started circulating that the decline in Apple stock was overblown. AAPL YTD mountain Apple (AAPL) year-to-date performance There were no major surprises at Apple’s event Tuesday — and perhaps, that’s why the stock fell 1.7%, halting a nascent two-session bounce after last week’s China-related pressure. But, the announcements, which included a new iPhone 15 and an Apple Watch refresh, further strengthened the company’s best-in-class ecosystem. The power of Apple’s ecosystem — devices and services together — is at the core of our “own it, don’t trade it” investment thesis on the stock, which Jim upheld last week. New iPhone features Apple unveiled the iPhone 15 and iPhone 15 Plus, complete with USB-C charging instead of the propriety lightning port, starting at $799 and $899, respectively. Those prices did not change. The iPhone 15 Pro starting at $999 was unchanged from the previous model as well. The Pro Max — starting at $1,199 — is the same for the 256GB as the previous one. Apple dropped the 128GB Pro Max option in the new iteration. Preorders start Friday with availability on Sept. 22. The biggest change for the devices is the USB-C charging ports. Newer iPhones will soon share a charger with Android phones, most wireless headphones and other popular gadgets in order to comply with the European Union’s upcoming regulations. All those lightning cables won’t work with the iPhone 15 models. Emergency SOS is being expanded for roadside assistance in locations that regularly lack cell service. Dynamic Island is coming to all models, which increases functionality without getting in the way. The iPhone 15 Pro will have titanium housing. This allows for a smaller form factor with the same large screen. The ring silence switch has been replaced with a button that can be customized based on user preferences — such as a quick shortcut to open the camera app so you never miss a memorable moment. Additionally, you can record to an external drive, making the product even more convenient for those in need of a small powerful camera for larger projects. The iPhone 15 Pro can capture special videos, providing for enhanced viewing on the upcoming Vision Pro mixed reality headset. Pro Max is clearly being touted as a needed upgrade for anyone interested in making the most of Vision Pro, which CEO Tim Cook said is still on track for “shipping early next year.” On its own, no one update appears all that groundbreaking, but with a better camera, the Dynamic Island, a more powerful chip, enhanced wireless connectivity and adoption of USB-C, it’s a very attractive package for those who may have been on the fence about upgrading their iPhones. Carrier incentives will be the other large factor determining the demand we see for these new models. New Apple Watch Another key announcement brought a brand-new Apple Watch Series 9 with up to 36 hours of battery life in low power mode and a $399 starting price, and the new rugged, titanium Apple Watch Ultra 2, with as much as 72 hours of battery life and a $799 starting price. Both of those prices are unchanged. The new Apple Watch models have more a powerful silicon chip as well, which allows for smoother graphics and more processing power. The biggest benefit is on-device processing, meaning no lag as data is transferred to the cloud and tighter security as the data is kept local. That opens the device up to more health-related features, where privacy and security are of the utmost importance. The Series 9 and the Ultra 2 add a new gesture control feature called double tap. By tapping your index finger and thumb together twice, you can control the primary button in an app. This allows a user to answer or end calls and play and pause music. Speculating for a moment, we wouldn’t be surprised to see this feature ultimately tie into the Vision Pro, allowing the Watch to act as a control device in scenarios where the Vision Pro’s cameras may not be enough. Tuesday’s news around on-data processing is another step in that direction as increased privacy will also make it more accessible to those working in health care and looking to leverage nearly 24/7 monitoring devices such as a smartwatch. Bottom line All in all, the Apple event left us as confident as ever that when it comes to the stock, investors should “own it, don’t trade it.” We may not have gotten anything revolutionary, but the ecosystem was strengthed by the largely incremental updates, which could certainly entice upgrades for those sitting on a device a few generations old or the power user who needs the latest and greatest. (Jim Cramer’s Charitable Trust is long AAPL. See here for a full list of the stocks.) 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CEO of Apple Tim Cook arrives at the Sun Valley Lodge for the Allen & Company Sun Valley Conference in Sun Valley, Idaho, July 11, 2023.
Kevin Dietsch | Getty Images
Apple’s (AAPL) big September launch event Tuesday featured what we would describe as a slew of incremental updates to the tech giant’s most popular devices. Wall Street was not all that impressed. However, we did find encouraging moments.
