Apple iPhone Sales Decline, But Analysts Are Optimistic That Apple Intelligence Upgrades Will Revive AI Rally

iPhone sales declined for the second consecutive quarter, with a nearly 1% drop for the quarter ending in June. Apple's overall revenue increased by 5%, surpassing Wall Street expectations. The tech giant aims to boost sales with new AI features set to launch in the fall, targeting upgrades to the iPhone 15 Pro. Revenue in Greater China fell over 6%, partly due to competition from Huawei. Apple's services unit saw a 14% increase. Investors remain optimistic, anticipating that Apple's AI strategy will drive future growth. Apple introduced Apple Intelligence at its June developer conference, a system integrating generative AI into its OS and enhancing Siri, with advanced features supported by partners like OpenAI's ChatGPT.