Apple Inc AAPL released new products on Monday, including the new iPhone 16 lineup, as well as upgrades for Apple Watch and Airpods.
The release sparked mixed commentary across the web, with criticism ranging from tech billionaire Elon Musk to financial analyst Jim Cramer, who said Apple is the "most vulnerable" among the Magnificent 7 stocks.
Shares in the company hit a four-week low as Apple released prices for its new iPhone models, which start at $799 and climb to $899 for Plus, $999 for Pro and $1,199 for Pro Max.
Shares were trading flat at $220.86 at the time of publication Tuesday.
At least nine analysts expressed neutrality towards the new product release, reiterating previous ratings and price targets, according to Benzinga data.
What's New In The New iPhone?
The iPhone 16 lineup continues with visual design choices from previous models, but comes in new colors.
It features an upgraded Apple silicon chip, the A18 Bionic, which the company says is up to 30% faster in performance when compared to iPhone 15 models with the previous A16 Bionic chip.
Models also include a new multi-function button dubbed the Camera Control button, which is touch and pressure sensitive and facilitates several functions within the camera mode.
The entire lineup now features the Action button, which is a customizable physical button previously only featured in Pro iPhone models.
A turning point for this product line is that it's “designed for Apple Intelligence from the ground up,” according to CEO Tim Cook.
Apple Intelligence is Apple's generative AI service, which will integrate across several of its product offerings. It was announced in June and is not yet available for the general public. iPhone 15 Pro and Pro Max will be the only other iPhone models to allow this technology, which will also be available for the most recent iPad and Mac models.
A product tester for the Washington Post reported that the AI service is still not fully developed and outputted various errors and so-called AI hallucinations. Apple still calls it a beta version and said the final version will be out "this fall."
What Are The Best iPhone Alternatives?
For many users, buying a new mobile device essentially means buying a new iPhone. In the U.S., Apple’s smartphone market penetration is especially widespread.
According to Exploding Topics, more than 58% of smartphone users in the U.S. have an iPhone in their pocket.
That rate goes down to 28% on a global scale, with Alphabet‘s GOOG GOOGL Android operating system present in over two thirds of smartphones across the globe.
For those seeking a phone other than an iPhone, there are plenty of alternatives that offer high-quality specs at a comparable price.
Google Pixel 9: Google released the Pixel 9 smartphone lineup last month, which also features AI as a focal selling point.
The new lineup's design is very evocative of current iPhone models, with curved edges and a flat back.
Google began offering its AI assistant Gemini in December for Pixel 8 phones.
Pixel 9 models became available in the U.S. last week and start at $799. Google's lineup offers options at every price point to compete with Apple. The Pro model starts at $999 and Google also offers a foldable version called Pro Fold which doubles the screen real estate and starts at $1,700.
Samsung Galaxy S24: Samsung Electronics Co Ltd has been Apple's main competitor in the smartphone category for at least a decade.
Launched in January in the U.S., Samsung's flagship S24 smartphone line is also pushing its own AI service called Galaxy AI.
While Apple is reserving its AI capabilities for the most expensive iPhone models, Samsung is aiming to introduce Galaxy AI in at least 200 million phones worldwide by the end of the year, according to projections given by the company during its Paris event earlier this year, Yahoo Finance reported.
Unfortunately, AI capabilities for Samsung models will only be free for a limited period of time.
The basic Galaxy S24 starts at $799 and the product range climbs up to a starting price of $1,399 for the Galaxy S24 Ultra.
OnePlus 12: Chinese manufacturer OnePlus Technology (Shenzhen) Co., Ltd offers some of the best-value high quality smartphones in the market.
The basic OnePlus 12 model offers similar features as flagship Apple, Samsung or Google phones, at a starting price of $699.
A foldable version, called OnePlus Open, offers 16GB of RAM and 512G of storage for $1,299.
While lacking a comprehensive generative AI platform, OnePlus has announced it will progressively introduce AI options on its latest smartphones, including an AI eraser tool for photos which was announced by Tech Radar.
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