Dan Ives, Global Head of Technology Research at Wedbush Securities, joins CNBC's "Halftime Report" to discuss the much anticipated Apple Event happening later today. The Investment Committee debate what it will mean for the stock and sector.

Cupertino

Apple is preparing for its latest iPhone event, with analysts noting subdued investor sentiment due to a lack of significant hardware updates. While the new iPhone is expected to be slightly thinner and potentially more expensive, there are no major changes anticipated, leading to low expectations for a 'super cycle' of upgrades.

Discussion among analysts centers on Apple's future potential in artificial intelligence, particularly through partnerships like the one with Google's Gemini. Despite skepticism about immediate AI-driven growth, some believe Apple's large install base positions it well for future developments, though others argue that substantial AI benefits may not materialize until later product cycles.

Countdown to Apple's iPhone event

And that leads us to Apple. It's rallied a lot over the last three months, really after being sort of a sideways trade. This stock has definitely picked up, and it's right ahead of that event they're holding today on the iPhone, 1 p.m. Eastern time. Dan Ives, I told you, of Wedbush is out here with us, too, at Future Proof. We welcome him to the conversation. It's nice to see you. Great to be here. You know, some have said this is the most inconsequential, if not insignificant, iPhone event that Apple has held in arguably many, many years. Is that how you see it, too? Yeah, look, I'd say it's, you know, really apathy from an investor perspective going into the event because there's really no major hardware changes. I mean, obviously a little thinner, probably gonna be about $50 to $100 more, given maybe some of the tariff issues. But the reality is, is that the elephant in the room continues to be AI when they double down the Gemini partnership. Now the DOJ stuff's cleared. Cook's played great in the sandbox in D.C. now, you know, with Trump, and that's removed as part of the overhang. And look, Scott, my view is like expectations. We thought back a year ago, SuperCycle, which really obviously was a little disappointing. Now you have $315 million that haven't upgraded their iPhone in four years. Expectations are very low. And I think the sentiment combined with what ultimately is going to be probably be an AI catalyst. I think Apple, we sit here a year from now, and Apple's probably, you know, a stock that I believe is probably 30, 40 percent higher. I mean, the reason why $315 million people haven't upgraded their phones in over four years is because the company hasn't given them a reason to do so. Well, get goods back to every Apple event. I mean, you've been many of them. I feel like Michael J. Fox back to the future, right? I mean, it's been sort of, you know, they've missed so many of the sort of AI trades that you're seeing. But I do believe clock struck midnight. Cook and Cupertino recognize it. They waited for that DOJ situation. That's cleared. Now it comes down to they walk down the aisle with Google and Gemini in terms of that huge partnership. And that really also takes out the chance of complexity. Do you have an estimate on how many people will upgrade on the 17? Do you think it's a big number? So we think right now, if you look, ultimately expectations are you about 78 percent iPhone growth. You know, with you, you probably have 225, 230 million units that they sell. Look, and I like that setup. The expectations relative to the stock and iPhone 17, the big key is going to be China because you have 100 million in China that have an upgrade starting to see some Senate improvement there. And I think right now, look, overall, even though you've had a move here, I mean, the cab driver here and, you know, in Huntington Beach is negative and bearish on Apple. You know what the deal is that those people you say who are bearish, they're just not talking about the company nor the stock in ways that they used to. That may be the biggest problem that Apple has right now. Yeah, I think it is a problem, but it's a sleeping giant. You have the biggest install base in the world, 1.5 billion iPhones, 2.4 billion iOS devices. And that's why I continue to think cook every time you count them out. And there have been some called for, you know, maybe he's not going to be the CEO to lean to this next error. I believe he is. And I think they've been late. But guess what? You could be late when you have the best install base in the world. And that's why I believe ultimately this is probably a stock risk reward on large cap. It was Alphabet. Now, this is probably more the table pound relative in the next six, 12 months, given some of the cattles that could happen. As a shareholder, do you believe that? I hope Dan's right. The problem with Apple historically has been, OK, we understand it's a sleeping giant. At some point, there will be this upgrade cycle. But how much of that is in the stock at what your what's your P.E. on next year's numbers is thirty one thirty two right now. Yeah. But but I also believe the one thing you look at straight P.E. I think what you're missing is what the A.I. opportunity, a hundred dollars per share could be to Apple. And I'd factor right now, like no one is factoring that in with that. An additional hundred dollars per share from from A.I. I believe. How do you look at these or from multiple expansions? Monetization is going to be about 70 percent. That's going to come from there is essentially going to build an A.I. app store that I believe is ultimately going to be the highway for A.I. when it comes to the consumer. And I think that will ultimately be the super cycle that plays out. You could be wrong in a year. And I think, Scott, what that does is if you look at numbers straight, you look at next two or three years, you're probably underestimating where numbers could go by 30 percent. Stephanie, you have skepticism around that as a I mean, you had the stock. I don't own it and I wouldn't buy it here after the rally it's had. I just don't think they're anywhere to be found in terms of A.I. I can pick a whole bunch of names and technology that have A.I. and are benefiting from it and are monetizing it and go back to Broadcom. That's one of the reasons why the stock has totally rerated because they did get A.I. right. So I'm not saying that they're not going to get A.I. Dan, but I just don't think it's I don't think you're going to see a super cycle on 17 because they don't have it. So I think it might be 18 and that's fine. They'll get it eventually, but it's not 17. Yeah, good point. All right. Well, we'll see. Top of the hour. And we'll talk to you again. Dan, I've seen your future proof. Thank you so much for that.

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