Apple shares edged lower again Wednesday, pinning the stock near the lowest levels in a month, even as a top Wall Street analyst sees an impending 'super-cycle' of iPhone upgrades tied to the tech giant's AI push.

A prominent Apple analyst says iPhone 16 Pro preorders were lower in the first weekend relative to last year’s iPhone 15 Pro performance.

Apple’s annual product launch Monday failed to immediately capture the hearts of investors, as shares of the world’s biggest company slumped during the event largely focusing on previously rolled-out artificial intelligence features coming to iPhones.

Apple stock rose after the chief executive of wireless carrier T-Mobile US offered positive comments about early demand for iPhone 16 handsets.

T-Mobile Chief Executive Mike Sievert says it’s “nonsense” that the iPhone 16 line’s preorder sales are underwhelming.