Apple set to unveil iPhone 18: What the release means for the tech giant

Watch on YouTube ↗  |  September 09, 2026 at 12:38  |  4:57  |  CNBC
Speakers
Dominic Rizzo — Investment Professional, T. Rowe Price

Summary

Dominic Rizzo discusses Apple ahead of the iPhone 18 launch, saying the stock's premium multiple is not justified unless Apple delivers a major AI-driven hardware upgrade cycle; he is meaningfully underweight Apple. He prefers Nvidia on valuation, growth, and AI capex momentum. He is also broadly bullish on personal and professional AI agents even as they threaten Apple's App Store model.

  • Apple is expected to unveil the iPhone 18 today.
  • Rizzo says a foldable iPhone could help Apple's premium upgrade cycle, but he remains meaningfully underweight Apple.
  • Apple needs an 'awesome' personal AI to justify its premium multiple and reaccelerate hardware units.
  • Rizzo sees the App Store toll model eventually shifting toward task-based commissions.
  • He views Nvidia as a clear choice over Apple at 14-15x earnings with roughly 70% growth.
  • Nvidia benefits from accelerating hyperscaler and neo-cloud AI capex.
  • He is very bullish on personal and professional AI agents, citing Meta Muse and Instinct AI as early demand signals.
Ideas
Dominic Rizzo Investment Professional, T. Rowe Price 1:09
Bullish on personal and professional AI agents.
Rizzo is very bullish on personal AI agents and professional AI agents, arguing that demand is already visible in Meta Muse and Instinct AI, that agents will change personal computing, and that task completion will have massive implications.
AI agents MED
Dominic Rizzo Investment Professional, T. Rowe Price 2:15
Apple's premium multiple unjustified; remains underweight.
Apple trades at about 35x earnings, a premium multiple that only makes sense if it can deliver an 'awesome' personal AI and reaccelerate hardware units; Rizzo does not see that today and is meaningfully underweight the stock. A foldable iPhone may help the premium upgrade cycle and Apple can pass through memory/supply-chain costs, but Apple also risks not leading the next AI platform while its App Store toll model eventually has to change.
AAPL HIGH
Dominic Rizzo Investment Professional, T. Rowe Price 4:23
Nvidia cheap with 70% growth.
Nvidia trades at 14-15x earnings while growing about 70% next year, dominates the open-source AI ecosystem, and its recent earnings support a clear path to accelerating capex from major hyperscalers and neo-clouds; demand is supply-constrained, making it a clear choice over Apple at 35x earnings.
NVDA HIGH
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This CNBC video, published September 09, 2026, features Dominic Rizzo discussing AI agents, AAPL, NVDA. 3 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Dominic Rizzo  · Tickers: AI agents, AAPL, NVDA