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Needham downgrades Apple over AI risks, limited iPhone replacement cycle

MacDailyNews

Jun 4

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Needham lowered Apple’s stock rating from buy to hold, joining other firms in adopting a more cautious stance. Analyst Laura Martin cites risks such as intense competition and sluggish growth, alongside a valuation that appears high across multiple metrics.

Ryan Vlastelica for Bloomberg News:
‎

“For this stock to work, it must have the catalyst of an iPhone replacement cycle, which we do not foresee in the next 12 months,” Martin wrote, adding that innovations with generative artificial intelligence — an area where Apple has been lacking — “open the door for new hardware form factors that threaten iOS devices.”

‎
MacDailyNews Take: Laura Martin, if her life depended on it, couldn’t identify her ass from her elbow.

Needham clients should look elsewhere for investment advice.

Forget Apple’s significant AI issues. You can use Grok, ChaptGPT, or any other GenAI tools on your iPhone via apps and the web until Apple finally gets their shit together (which the company will eventually do, even if it takes a new CEO). The next-gen iPhones will be compelling for hardware alone. And, Apple will market the new “iOS 26” look like crazy (to cover for their so-called “management” completely missing GenAI and embarrassingly still not having much of anything in 2025).

Here’s what the oft-accurate rumor mill is churning out for the next-gen iPhone lineup (expected September 2025):

Models:

• iPhone 17
• iPhone 17 Air (replacing Plus)
• iPhone 17 Pro
• iPhone 17 Pro Max

Design:

• iPhone 17 Air: Ultra-thin (~6mm), single 48MP rear camera, top-center horizontal camera bar.
• iPhone 17 Pro/Pro Max: Aluminum frame (replacing titanium), horizontal camera layout.

Display:

• All models: 120Hz ProMotion with LTPO OLED, potential always-on display for non-Pro models.
• iPhone 17 Pro Max: Narrower Dynamic Island (jury still out on whether the iPhone 17 Pro gets this, too).

Performance:

• A19 chip (3nm process) for iPhone 17/17 Air; A19 Pro for Pro models.
• RAM: 8GB (iPhone 17, 17 Air), 12GB (Pro Max, possibly iPhone 17).
• Apple-designed Wi-Fi 7 chip; iPhone 17 Air may use in-house 5G modem.

Cameras:

• All models: 24MP front camera.
• iPhone 17 Pro Max: Triple 48MP cameras (wide, ultra-wide, telephoto), 8K video support.
• Potential mechanical aperture on one model (unspecified).

Battery/Charging:

• iPhone 17 Air: ~2,800mAh (smaller but comparable to iPhone 16).
• All models: Up to 35W wired charging, easier-to-remove battery adhesive.

Other:

• New sky blue color for Pro models.

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