Apple Begins Taking Preorders For AI-Enabled iPhone 16 Handsets

Apple (AAPL) began taking preorders for its iPhone 16 smartphones on Friday and delivery wait times predictably stretched into October for some higher-end models. Apple stock was largely flat on Friday.

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The company’s new AI-enabled iPhones will be available in stores on Sept. 20. But Apple fans queued up online Friday to get their orders in early.

Apple announced its 18th-generation handsets on Monday during its fall product launch event. It also introduced the Apple Watch Series 10 smartwatches and new AirPods wireless earbuds and headphones. Those other products also were available for preorder on Friday.

Shortly after Apple began accepting preorders at 5 a.m. Pacific time, shipping estimates for the more expensive and more capable iPhone 16 Pro and Pro Max models slipped into October for many data storage configurations. The priciest model is the iPhone 16 Pro Max with 1 terabyte of storage, which costs $1,599.

Some models of the iPhone 16 family are seeing shipping delays of two to four weeks.

Apple Stock Little Changed

On the stock market today, Apple stock alternated between modest gains and losses. It was last up a fraction at 223.17.

In a client note Wednesday, BofA Securities analyst Wamsi Mohan said wireless carrier promotions for this year’s iPhones are “modestly better than last year.”

Carrier incentives include trade-in credits for current handsets and financing options with lower upfront payments and monthly payments spread over 24 to 36 months. Carriers also bundle iPhone financing with telecom services fees.

“We expect that carrier promotions will also help drive an upgrade cycle for the iPhone 16 family of iPhones,” Mohan said. He rates Apple stock as buy with a price target of 256.

Apple stock is on the IBD Tech Leaders list.

Follow Patrick Seitz on X, formerly Twitter, at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.

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