The iPhone X and the Apple Watch Series 3 could go a long way in bumping up Apple’s market capitalization to levels above $1 trillion – analysts.
With Apple Inc unveiling its much-anticipated 10th anniversary device, the iPhone X is a marvel of glass and stainless steel and sports an edge-to-edge display that has been described by Tim Cook, Apple’s Chief Executive as “the biggest leap forward since the original iPhone.”
Although the much anticipated launch contained few surprises especially since leaked details of the flagship turned out to be pretty accurate, the asking price of $999 for the iPhone X raised some eyebrows.
Similarly, its shipping date of November 3 has also raised question of possible supply constraints, given its proximity to the holiday season.
Incidentally, last year, investors had rejected the iPhone 7, as being an almost clone of the iPhone 6, and the company’s revenues had taken a toll.
With the anniversary launch, Apple has also unveiled the a new Apple Watch, which for the first time will be able to make calls and access the internet without customers having to lug their iPhone.
This is a significant upgrade and analysts have forecast a doubling of Apple watch sales.
Among the significant upgrades for the iPhone X, it now sports hardware for facial recognition, which has replaced the fingerprint sensor for unlocking the phone, wireless charging, as well as an infrared camera.
The home button is also history, instead users need to just tap the device to wake it up.
Although Apple typically ship new products within a week or two of announcing them, this time though Apple has taken a different route.
“It’s great to have a product but we’d have liked it sooner rather than later, more like the beginning of October or mid- October,” said Kim Forrest, senior equity research analyst at Fort Pitt Capital Group in Pittsburgh.
Apple’s shares are up by almost 40% this year.
As per Tim Ghriskey, chief investment officer at Solaris Asset Management in New York, the shipping data is not much of a worry, before he went on to flag a lack of surprises, as a cause for concern.
“It’s sell on the news,” said Ghriskey. “They didn’t talk about the evolution of Apple beyond the iPhone and into artificial intelligence.”
Apple executives have taken pains to point out the phone’s AR capabilities, however their remarks suggests that the iPhone X does not have the full panoply of 3D-sensor chips that some had expected.
With the Apple X sharing the same Qi wireless charing technology used by Samsung Electronics Co Ltd, the likelihood of the technology solidifying as an industry standard is very high.