Apple's new iPhone 16 failed to excite investors with long-expected AI features still in test mode even as an industry-first tri-fold phone from Huawei raised the stakes in a battle to dominate the global smartphone market.

Apple ranked first in annual shipments for high-end smartphones in China in 2023, capturing a market share of 17.3%, says industry research firm IDC China

At its developer conference in June, Apple unveiled Apple Intelligence, its take on generative AI that can conjure text, images and other content on command. Apple has unveiled its artificial intelligence-boosted iPhone 16, showing off the long-awaited phone hours after Chinese rival Huawei’s tri-fold phone began racking up orders.

Huawei did not immediately respond to a request for comment.

Chinese tech giant Huawei has garnered more than 3 million pre-orders for its triple-folding smartphone, its website showed on Monday, which comes just hours before Apple's debut of its new generation of iPhones.

Huawei announced it has received more than 3 million pre-orders for its new tri-fold Mate XT, just hours before Apple is set to unveil its iPhone 16 lineup, positioning the two tech giants for a major

Huawei unveils world's first tri-foldable phone, aiming to dominate smartphone market with innovative technology.

Apple’s new iPhone 16, with anticipated AI features still in testing, failed to excite investors while Huawei’s industry-first tri-fold phone raised the stakes in the global smartphone market battle.

Pictured here is an Apple flagship store in Beijing, China, on the day of the iPhone 16 launch on Sept. 20, 2024. Many Apple iPhone users in China are just as interested in Huawei's pricier trifold phone,

Many of Apple’s affluent iPhone users in China are just as interested in Huawei’s pricier trifold phone, CNBC found during spot checks at stores Friday, the day the iPhone 16 and Mate XT launched in the country.