Apple (AAPL -1.00%) announced today that it will hold its annual event next Tuesday, Sept. 15, at 1 p.m. EDT. The presentation will take place at the Steve Jobs Theater at the company's Cupertino, California, campus, though this year's presentation will be digital-only due to the coronavirus. Apple has historically used the occasion as a launchpad for its latest iPhone, and the company is widely expected to debut multiple models of its flagship product -- the highly anticipated iPhone 12 -- at the event.
Earlier today, the Nikkei Asian Review in Japan reported that Apple was readying the initial production run for its range of 5G-enabled phones next week, hoping to have a sufficient supply for the upcoming holiday season. The report said the company will initially focus on the lowest-price version of the device, representing about 40% of the production orders.
Wedbush analyst Daniel Ives said supply-chain checks in Asia over the past several weeks bolster his view that Apple is expecting strong demand for the iPhone 12. "Across the board we are seeing an uptick around production and pent up demand for the slate of iPhone 12 models (expecting 4 new models) set to be launched in the early to mid-October time frame," Ives wrote in a note to clients on Monday. That release schedule would be consistent with those from previous years. He also estimated that Apple is planning an initial production run of about 75 million iPhones.
Ives continues to anticipate as many as 350 million of 950 million current iPhone users will upgrade in the coming months, resulting in an upgrade supercycle and a "once in a decade" opportunity for Apple over the coming 12 to 18 months.