Apple introduced its highly anticipated iPhone 16, equipped with advanced artificial intelligence technology, at a product launch event on Monday. The announcement came shortly after Chinese competitor Huawei unveiled its innovative tri-fold phone, which quickly gained traction in the market.

During the presentation, Apple CEO Tim Cook emphasized that the new iPhone was specifically tailored to leverage the capabilities of Apple Intelligence. "The next generation of iPhone has been designed for Apple Intelligence from the ground up. It marks the beginning of an exciting new era," Cook stated. As companies worldwide strive to incorporate AI into their products, smartphones are emerging as a key battleground for technological advancements.

Apple's AI software, Apple Intelligence, is set to revolutionize features such as the virtual assistant Siri and enhance the phone's ability to recognize and interpret objects captured by the camera. With smartphone sales experiencing a slowdown, Apple is banking on the appeal of AI-driven functionalities to entice consumers to upgrade to the latest model.