Apple Inc. (AAPL) might be lining up its strongest multiyear upgrade cycle in years, and two of the tech world's most quoted analysts think new hardware, AI features and a foldable iPhone are the reasons why.

Munster: The Revenue Is Just Late, Not Missing

Deepwater Asset Management's Gene Munster told CNBC that Apple's decision to split its iPhone upgrade cycle could weigh on near-term growth. The flip side? It may shove more revenue into the March and June quarters.

Wall Street is modeling roughly 14% to 15% growth for the March quarter, Munster said. He thinks growth could approach 20% once those delayed launches start contributing.

He's also keeping an eye on the Siri rollout and Apple's pricing strategy. Past price increases across Apple products have barely moved customer retention, Munster noted. Translation: the company still has room to charge more without scaring off buyers.

Ives: 300 Million iPhones Are Sitting There, Waiting

Yorkville Ives founding partner Dan Ives said Apple's next growth phase leans heavily on hardware innovation and its AI strategy.

His headline number: about 300 million iPhones haven't been upgraded in more than four years. Ives expects Apple to layer in AI capabilities gradually as it marches toward the iPhone's 20th anniversary.

Then there's the foldable. Ives sees real potential there, saying the device could eventually represent 15% to 20% of sales among Pro and Pro Max users.

Underneath all of it sits Apple's enormous installed base, roughly 1.5 billion iPhones and 2.5 billion iOS devices. That's the kind of advantage most hardware makers can only dream about.

Pricing, though, remains a balancing act. Ives expects limited customer churn from an increase of roughly $100, but he's clear that Apple doesn't have unlimited pricing power, especially with higher memory costs squeezing margins.

AAPL Price Action: Apple shares were down 0.12% at $326.19 during premarket trading on Friday, according to market data.