Apple Unveils New iPhone, Shakes Market

Apple, a member of the Magnificent 7, announced its new iPhone model which set investors straight to the stock market to declare their opinions.

iPhone 16e photo depiction.

Tim Cook, the chief executive officer of Apple, made a stocking announcement on Wednesday: the iPhone 16e. The phone has been marketed as a much cheaper alternative to other Apple phone variants, costing $599 upon release.

The best aspect of the phone is its compact size yet its astonishingly robust slate of features. It comes equipped with Apple's first ever in-house cellular modem chip, a big turn from previous phones as the company sets its sights at making all components of the product on their own to reduce expenditures. The Phone will also have 6.1-inch OLED display with Face ID capabilities, a major leap compared to the Touch ID system of the iPhone SE, its predecessor.

The phone will also be equipped with Apple Intelligence, the new AI platform launched on all iPhone 16 models; now on a cheaper model in the form of the 16e, more consumers could have access to a more affordable yet equally useful form of artificial intelligence at all times in their pockets. Furthermore, to make Face ID possible, the phone will have an upgraded system of cameras.

Although investors have speculated a product like the 16e to launch at some point, its announcement sealed the deal. Now, investors are expecting a whole lot more from Apple in the form of greater revenue, thus indicating the growth trend of artificial intelligence in the mobile phone industry.

While the stock rose only 0.2%, a variety of other factors prevented the stock from surging; among which included threats of foreign lawsuits on big American monopolies like Apple and Google, and the unveiling of an AI chip from its competitor Microsoft. Nevertheless, investors anticipate long-term gains as artificial intelligence begins to revolutionize the technology market and shifts supply and demand for certain products.