HE JUST RECENTLY INITIATED APPLE WITH A $211 PRICE TARGET AND HOLD RATING. GOOD MORNING. >> GOOD MORNING, FRANK. HOW ARE YOU? >> I THINK WE HAVE A BIG EVENT COMING UP TODAY. SINCE WWDC, APPLE SHARES UP DOUBLE DIGITS. INVESTORS SEEM TO HAVE A LOT OF CONFIDENCE IN WHAT THEY UNVEILED THERE. WHAT ARE YOU EXPECTING TODAY? >> A LOT OF WHAT WE WILL SEE TODAY HAS BEEN LEAKED OUT. IT IS DIFFERENT FROM THE DAYS WHERE THERE WAS SUCH INCREDIBLE SECRECY AROUND CUPERTINO. WE PRETTY MUCH KNOW THE HARDWARE LINEUP WE WILL SEE TODAY. THE 16 IN PARTICULAR, IF YOU GO BACK TO WHAT SUPPORTS A.I., WHICH IS THE KEY THEME TODAY. LAST YEAR, WITH THE 15, IT WAS JUST THE PRO MODELS. THIS TIME, EVEN THE BASIC 16 MODEL WILL HAVE THE SUFFICIENT MEMORY AND GIG BYTES OF RAM TO RUN THE A.I. FUNCTIONALITY. THAT WAS ONE OF THE KEY QUESTIONS WE NEEDED TO LEARN. WE WILL SEE STUFF OUTSIDE OF THE iPHONE, BUT THIS IS ABOUT THE SOFTWARE AND WHAT A.I. CAN DO AND HOW QUICKLY THE REST OF IT IS GOING TO BE COMING LATER. >> I HAVE TO BE HONEST, CRAIG, YOU DON'T SOUND THAT EXCITED. MORE NATURAL CONVERSATIONS WITH SIRI, A DEDICATED CAMERA BUTTON AND HELP WITH DRAFTING EMAILS. IN YOUR MIND, IS THIS A SITUATION WHERE PEOPLE WILL SELL THE NEWS? WE KNOW A LOT OF THINGS THAT WILL HAPPEN AND IF WE'RE NOT BLOWN AWAY BY ANYTHING, DOES THIS HAVE THE POTENTIAL WE WILL SEE A SELLOFF AFTER THE EVENT? >> HISTORICALLY, WE'VE SEEN SORT OF SMALL SELL THE NEWS TYPE OF EVENTS ON THESE APPLE RELEASE DAYS. NOT BIG. I'VE SEEN THE DATA THAT SAYS OVER THE NEXT SIX MONTHS, APPLE IS USUALLY UP. MY SENSE IS THAT EXPECTATIONS HAVE BEEN REINED IN A BIT FOR TODAY. I WOULDN'T EXPECT TODAY TO BE VIEWED AS A MAJOR DISAPPOINTMENT. I THINK THE REAL QUESTION IS IS HOW INVESTORS WILL RESET THEIR EXPECTATIONS A BIT LONGER TERM. NEXT YEAR IS REALLY GOING TO BE PEOPLE BETTING THE BIG UPGRADE CYCLE AND IF I COMPARE THIS TO THE 5G UPGRADE CYCLE A FEW YEARS AGO, NOW '21, '22, THERE WERE SO MANY UNIQUE TAILWINDS OF STIMULUS IN THE MARKET AND PENT-UP DEMAND AFTER THE PANDEMIC AND HUGE PREMIUM OF CONNECTIVITY O