$Apple(AAPL.US) There should be quite a few highlights at the event at 1 AM tonight, but

Short-term bearish view for tonight, the reason is, after the announcement in June that iPhone would incorporate AI, it has already surged significantly, meaning the expectations are already priced in.

Additionally,

Renowned Apple journalist Mark Gurman believes that a super upgrade cycle is unlikely to happen this year, partly because many consumers worldwide are tightening their spending. A bigger issue might be the devices themselves—the new iPhone's appearance is almost identical to last year's model. Although there will be some minor upgrades and other features, a completely new design is necessary to stimulate consumer upgrades.

Another factor is the slow rollout of AI features. Gurman stated that Apple Intelligence is not yet fully mature. The initial version will lack many features, and all major new Siri functionalities won’t arrive until next year. AI image generation will also be delayed until next year, so consumers will have to wait for the best features.

However, supply chain stocks might be worth keeping an eye on.