Apple's (AAPL) -) stock has been on a bit of a slide this month, and even the unveiling of the highly anticipated iPhone 15 didn't help.
The shares were off 6.2% in September through Tuesday and at last check they were off 0.8%, tugging the market cap down to $2.76 trillion.
Notable during Apple's event, christened Wonderlust, was a focus on sustainability and climate-friendly practices as the tech giant unveiled its first carbon-neutral product: the new Apple Watch.
The new iPhone is not too different from the old one, save for the fact that it will now take a USB-C charger, rather than Apple's Lightning cable.
Despite the market's initial response to the unveiling, Wedbush's senior tech analyst, Dan Ives, isn't too concerned.
Calling the dip a "knee-jerk reaction," Ives maintained that the unveiling was a "flex the muscles moment" for Apple, featuring Cupertino's growing pricing power in the midst of a "mini super cycle that's going to play out despite many of the bears' skepticism building."
And while Apple's revenue has been trending downward for the past few quarters, Ives says the company is simply gearing up for another enormous surge in growth. The current stock slide and slightly negative revenue trend are nothing more than the transition to Apple's next big growth stage.
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"Services now starting to uptick to double-digit growth, and I think the most important thing, 25% of the install base has not upgraded their iPhone in four-plus years," Ives told CNBC. "We sit here a year from now, Apple is toward $3.5 trillion, not the opposite."
Ives said in June that he expected Apple to breach $4 trillion in market cap by 2025. He noted at the time what he called the powerful combination of Apple's "golden" installed base and a coming boost from artificial intelligence, as its Vision Pro spatial computing headset starts making its way to consumers.
"At the end of the day," Ives said at the time, "Apple continues to play chess while others are playing checkers."
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