Apple ‘s high stakes September launch event left some Wall Street analysts feeling unsettled. The largest company in the U.S. announced a host of new products Monday at its California headquarters, including a new Apple Watch, AirPods and the highly anticipated iPhone 16 that harnesses AI tools called Apple Intelligence. While the new products largely matched Wall Street’s expectations, the event left analysts expressing doubts over whether the new AI tools can drive as robust of a handset upgrade cycle as previously anticipated. AAPL 1D mountain Apple shares slip after September launch event “We don’t view the AI-related offerings as compelling enough in the near term to drive significant demand, given macro risk in China and regulatory hurdles in Europe and China, limiting geographic reach of Apple Intelligence,” wrote Barclays analyst Tim Long. Apple briefly fell as much as 1.9% to $216.73 in early trading Tuesday. Barclays reiterated its underweight rating and $186 price target on Apple after the product debuts Monday, implying about 16% downside from yesterday’s close. The delayed AI launch also creates uncertainty for sales volumes over the next two quarters, Long added. Bernstein’s Toni Sacconaghi called the new product announcements “more evolutionary than revolutionary,” concluding that the enhanced AI functions are on a par with current competition. UBS analyst David Vogt viewed the event as “anticlimactic,” adding that Apple offered no “killer” AI application. The product rollout offered a “positive refresh,” but that may not be enough to convince investors to buy in, noted Wells Fargo analyst Aaron Rakers. “Apple Intelligence to be rolled out in Beta version in October, but no specific timeline issued for broader consumer availability maintains the uncertainty we were expecting the event to resolve,” wrote JPMorgan’s Samik Chatterjee, calling the AI details “blurry.” MoffettNathanson’s Craig Moffett added that offering Apple Intelligence free to users signals that that it may take time for the tool to become a “stand-alone” revenue driver for company led by CEO Tim Cook. Elsewhere, Piper Sandler’s Matt Farrell reiterated his neutral rating and $225 price target, noting that a slow rollout of Apple Intelligence could actually hamper enthusiasm for the features. He also views the “super cycle” expectations for consumers to upgrade their phones to newer models as already priced in to Apple shares, which are down more than 8% from mid-July peak. “We see the September event as a modest negative for AAPL given a lack of positive surprises and slightly less aggressive promotions from carriers,” said Keybanc analyst Brandon Nispel.