Apple unveils the iPhone 16

Apple unveiled the latest version of its flagship iPhone during its "Glowtime" event on Monday.

CEO Tim Cook described the iPhone 16 lineup as the "first iPhones designed from the ground up for Apple Intelligence and its breakthrough capabilities."

As expected, Apple will offer four versions of its latest model: the iPhone 16, iPhone 16 Plus, iPhone 16 Pro and iPhone 16 Pro Max. 

Pre-orders will open Friday, with the iPhone 16 slated to officially hit the market Sept. 20, according to the company.

The company will charge $799 for the iPhone 16 and $899 for the iPhone 16 Plus. The iPhone 16 Pro will cost $999, and the iPhone Pro Max will have a $1,199 starting price tag.

To run Apple Intelligence and other capabilities, the phones have been built with A18 chips, with the higher-end models getting a Pro version.

APPLE HITS ALL-TIME HIGH AS MORGAN STANLEY TOUTS STOCK AS ‘TOP PICK FOR AI’

Apple said the iPhone 16 base model will sport a 6.1-inch display. For the iPhone 16 Plus, it will be 6.7 inches. 

The higher-end models will have even larger display sizes: 6.3 inches for the Pro and 6.9 inches for the Pro Max.

Apple said customers will also see two new buttons on the iPhone 16: an "Action Button" and "Camera Control" button.

With the "Action Button," iPhone 16 users will have the ability to "perform a variety of functions with just a press," such as recording a voice memo or opening the Calendar app, the company said.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Meanwhile, the "Camera Control" button "provides instant easy access to the camera with just a click" and "allows you to adjust various camera features simply by sliding your finger," an Apple executive explained during the "Glowtime" event.

When it comes to AI features, Apple said the first set will debut in October. One of them will be a "Writing Tools" capability that will help users to "refine their words by rewriting, proofreading and summarizing text nearly everywhere they write," according to the company. 

The announcement of the new iPhone 16 lineup comes as the tech giant has seen softer sales of its phones in recent quarters. 

In the third-quarter, Apple generated $39.4 billion in net sales from iPhones, a roughly 1% decline from the same three-month period last year. The company saw net sales of $45.96 billion for its iPhone category in the second quarter, down nearly 10.5% year over year.