FROM DONALD TRUMP WHEN HE BASHED GARY GENSLER, NOT A FAN, THAT INDUSTRY. >> GENSLER DOESN'T HAVE A LOT OF FANS. >>> TURN BACK TO APPLE, THE COMPANY EXPECTED TO UNVEIL ITS NEWEST WATCHES, AIR PODS, LOT OF THINGS AS WELL AS THE LATEST APPLE INTELLIGENCE. JOINING US TO DISCUSS EVERCORE'S ISI, $250 PRICE TARGET AND AS YOU EXPECT A BUY RATING AS WELL. WHAT DO THEY HAVE TO DO TODAY FOR YOU AND OTHER INVESTORS TO BE HAPPY? >> I THINK DETAILS ON THE APPLE ROLLOUT IN TERMS OF THE FEATURE SET, THE SIRI 2.0, YOU KNOW, DOES THAT COME OUT IN SEPTEMBER OR LATER, AND THE SCOPE OF THE GEOGRAPHIC ROLLOUT OF APPLE INTELLIGENCE ARE TWO THINGS PEOPLE WILL FOCUS ON AND INGREDIENTS THAT WILL DECIDE IF THIS IS GOING TO BE A SUPER CYCLE IN THE NEXT 12 MONTHS OR GOING TO BE POTENTIAL LONGER CYCLE. THOSE ARE TWO THINGS WE FOCUS ON. >> AND WHAT ARE YOUR EXPECTATIONS? DO YOU THINK THEY'RE GOING TO BE SUCCESSFUL? EARLIER WE WERE HEARING FROM STEVE KOVACH IN TERMS OF AT LEAST PRESENTING THE USE CASE WHEN IT COMES TO AI GIVEN HOW EARLY IT WOULD SEEM TO BE IN TERMS OF CONSUMERS ACTUALLY USING IT FOR SOMETHING THAT THEY DON'T ALREADY HAVE ACCESS TO VIA THEIR OWN APPS? >> YEAH. LISTEN, I THINK THE HARDWARE UPGRADES ON ALL THESE PHONES ARE GOING TO BE FAIRLY STANDARD, RIGHT. THE BIG DIFFERENTIAL IS GOING TO BE THE APPLE INTELLIGENCE FEATURE. OUR TAKE WOULD BE THE BASIC FEATURES WILL COME UP WITH SUMMARIZING YOUR TEXT MESSAGES, PRIORITIZING YOUR TASKS. I DON'T THINK THAT'S ENOUGH TO TRIGGER A BIG iPHONE CYCLE. YOU NEED A SIRI 2.0 TO COME OUT. APPLE CALLED THE EVENT GLOW TIME TO GET FOLKS EXCITED ABOUT BUYING THE NEXT iPHONE. OUR SENSE THIS MIGHT BE A BIT MORE OF A LONG CYCLE. WE THINK ABOUT THIS, IT'S UNLIKELY A SUPER CYCLE BUT MAY BE A SUPER LONG CYCLE FOR APPLE WHERE YOU HAVE MULTIPLE YEARS OF MIXING UNIT GROWTH. YOU ALSO WANT TO PAY ATTENTION TO WHEN DO THESE FEATURES AND APPLE INTELLIGENCE GET ROLLED OUT IN CHINA AND EUROPE. YOU NEED A BROAD ROLLOUT FOR THIS TO WORK. THIS IS GOING TO BE MULTIPLE YEARS OF UPGRADES, RATHER THAN ONE UPGRADE WE'VE SEEN IN HISTORICAL SUPER CYCLES. >> MAYBE NOT A SUPER CYCLE BUT WHAT DOES THAT REPLACEMENT CYCLE LOOK LIKE? HOW MANY PEOPLE LIKE ME WHO HAVE AN OLD iPHONE DEALING WITH IT AND DEALING WITH IT LOSING ITS BATTERY CHARGE BY 10:00 A.M. AND WAITING FOR NEW TECHNOLOGY LIKE THIS TO COME EVEN IF IT'S NOT NECESSARILY TRANSFORMATIONAL. >> LISTEN. TWO SIMPLE REASONS WHY PEOPLE BUY THE iPHONE. 70% IS THE BATTERY LIFE STARTS TO DEGRADE OR A FACTORY CHANGE. TWO THINGS THAT PEOPLE GRAVITATE TOWARDS, RIGHT. WHAT I WOULD SAY, I THINK FROM THAT ASPECT IF YOU HAVE AN iPHONE 14 OR 15, THERE'S PROBABLY ENOUGH TO BUY A NEW iPHONE. I DO THINK IF YOU LOOK AT THE iPHONE REPLACEMENT CYCLE HOVERING AROUND 42 MONTHS. THE iPHONE IN MOST PEOPLE'S HANDS IS THE 12 OR 13 RIGHT NOW. YOU COULD HAVE A VERY LOGICAL UPGRADE CYCLE THAT WOULD EXAMINE O COME OUT OF THIS. ARE YOU INCLINED TO WAIT FOR ALL THESE FEATURES TO COME OUT TO BUY THE iPHONE 16 OR SAVE A COUPLE HUNDRED AND BUY T