Apple Hypes 'Far Out' Event For September, But This Analyst Says There's A 'Bigger Story'

Apple Inc. AAPL recently sent out invitations to its “Far Out” event slated to be held at the Steve Jobs Theater in Cupertino, California on Sept. 7.

The company is expected to launch four new iPhone 14 models during the event—its first indoor event since the start of the Covid-19 pandemic. The new iPhone iterations would come with better cameras, processors, and a likely 5% higher price tag on at least one mode, according to Loup Ventures co-founder Gene Munster.

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The bigger story for Apple, however, is beyond the Sept. 7 event, Munster says.

The key for Apple is the iPhone becoming indispensable to everyone’s lives, he said. Underlining his point, the fund manager noted that iPhone revenue rose 3% in the June quarter, off a 50% comparison.

Munster sees Apple getting into a least one of three new product categories, namely AR wearables, health, and auto. He also expects to hear more about Apple’s rumored plans to sell more ads in default iOS apps such as Maps, which doesn't bode well for Facebook parent company Meta Platforms Inc. META.

“Apple is stepping into an opportunity it created a year and a half ago when it allowed users to stop ad tracking,” he said. “Apple will do it in a way that keeps user data safe.”

Apple shares were trading1.04% higher at $169.28 in premarket trading on Thursday, according to Benzinga Pro data.