Apple event live updates: The new iPhone 16, release date, price, and more to be revealed in keynote announcement

• Apple is expected to launch four new iPhone 16 models at its "Glowtime" event on Monday.
• iPhone sales slowed last quarter, so investors are awaiting a new device to boost sales.

It's that time of year again.

Apple insiders are descending on Cupertino to watch Tim Cook and Co. introduce the public to the iPhone 16, new AirPods, and the latest Apple Watch model. All eyes are on Apple Park to see the new smartphone that will be outfitted with the company's flavor of generative AI features, called Apple Intelligence.

The stakes are high, and Apple needs a boost. iPhone sales slowed in the most recent quarter, and investors are hoping Apple will show off a smartphone that will motivate iPhone owners to upgrade to the latest model.

An AI-powered iPhone is expected to drive a "golden upgrade cycle," according to Wedbush Securities analysts, who gave Apple an "outperform" rating and a $285 price target ahead of the announcement.

During the launch event, Apple will go over the biggest changes to each device, prices, and the day consumers can start preordering their new iPhone 16.

We'll be live-blogging the event as it's streamed online starting Monday at 1 p.m. ET.

Scroll on for the latest.

iPhone 16 buyers will have to wait until next month for Apple Intelligence features

The Glowtime event is taking place at Apple Park in Cupertino, California      Nic Coury/AFP/Getty Images

Apple is hotly tipped to share more information about its AI features, called Apple Intelligence, during Monday's event. But iPhone 16 buyers will need to be patient and wait until October to play around with them, as it will be rolled out as part of the iOS 18.1 software update next month, Bloomberg's Mark Gurman said in his "Power On" newsletter on Sunday.

The catch for some European fans is that Apple Intelligence won't be available in the EU — which includes France, Italy, Spain, and Germany — because of Apple's concerns over the EU's Digital Markets Act.

Some of the features expected include removing objects and people from photos, an AI-generated summary of notifications, and tools to help you write, Gurman said.