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Apple announced the date for the iPhone 7 event

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Stephen Lam/Reuters

(Read caption) Apple CEO Tim Cook waves goodbye after an event at the Apple headquarters in Cupertino, Calif.

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It's that time again, folks. That day when we all huddle around our primitive, soon-to-be one-generation-older displays, and watch a billion-dollar company announce its latest incremental developments. That day — Apple's iPhone 7 Event Day — will be this day: September 7.

A New iPhone and Second Generation Apple Watch Are on the Horizon

As The Verge reports, Apple will be revealing its iPhone 7, to an audience primed to write even more hot takes about its lack of headphone jack.

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Yes, the rumor is that Apple will remove the headphone jack, although recently some blogs seem to think it won't come to pass. That controversial removal, however, is presumed to be the only substantial design change from the iPhone's last generation.

Meanwhile, the second generation of the Apple Watch could also be announced next week. We should see the new model receive a GPS and faster CPU. (It would probably be more surprising if it didn't have a faster processor than its 2-year-old predecessor.)

Get Excited for iPhone Price Drops

Of course, every new iPhone generation heralds price drops on the previous model, and this year will be no different. In fact, last year the iPhone 6 was discounted by $150 when the iPhone 6s was announced. For more details on what kind of iPhone deals you can expect to see next month, check out our feature.

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