Apple Inc. is facing an unprecedented challenge: persuading customers to buy its latest iPhones without their biggest new feature.

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.

Ahead of the pre-orders for iPhone 16, Apple released three ads about Apple Intelligence features. However, these features are unavailable.

Even so, Wall Streremains bullish that Apple can accelerate growth during the all-important holiday season. Analysts estimate that revenue will increase 8% in the December quarter - the best showing for that period since the end of calendar 2021.

The new AI iPhone is officially available in Apple stores, hitting shelves in almost 60 countries around the world on Friday morning.

Apple is giving more people the chance to test a software update that will implant artificial intelligence into its virtual assistant Siri and automate a variety of tedious tasks on the latest iPhone coming out Friday.