JPMorgan released a research report on June 19th, stating that Apple recently held its 2024 global developer conference and announced a series of heavy artificial intelligence (AI) developments. It is expected to help initiate a new round of upgrade cycle starting from the launch of the iPhone16 series products, and anticipate that the replacement cycle will reach its peak when the iPhone17 series is launched. The corresponding adjustment to the sales forecast for the iPhone16 and iPhone17 series market cycles, and expected iPhone sales for FY2025-2026 are respectively raised to 250 million units and 275 million units. Morgan also pointed out that considering Apple's development and application in the field of AI, it is expected that in the coming years, higher commercialization of third-party AI applications will be achieved through more services, hence raising the growth forecast of services. The earnings per share forecast for FY2025-2026 are respectively raised to $8.1 and $9.69, compared to the market's generally expected values of $7.26 and $7.64. Morgan emphasized that this forecast adjustment only takes into account the increase in iPhone sales driven by AI. It is expected that the potential for further increases may come from the upgrade of iPad and Mac devices. The target price has been raised from $225 to $245, and rated as "shareholding".