Given where we finished last week, there are a few follow-up discussions worth pursuing. We talk about how Apple devices are lasting longer. The discussion then turns to iPhone upgrading and the difference between iPhone average lifespan and upgrade cycle. We conclude with a look at where Apple’s growth potential is found (HW vs. Services).

Hello everyone. Welcome to July. Let's jump into today's update.

More on Apple Device Longevity

Last Thursday’s update was focused on the ramifications associated with Apple having industry-leading device longevity (improving secondhand value, longer product lifespans, and declining service rates). We also looked at some new clues for calculating the average iPhone upgrade cycle length (5 to 5.5 years when taking into account iPhones in the gray market).

One question that we did not address: How are Apple devices lasting longer?

There are three primary answers:

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