I’m not sure your basic premise holds up.

To summarize, we’re now in an post-iPhone era. Why? Because iPhone sales are now less than 50% of Apple’s revenue. Okay, how do we know this?

Because those are the numbers that Apple released regarding it’s last quarter.

Okay… so what’s wrong?

There’s an old adage that weather is not climate. In this case, the premise is based on iPhone sales in what’s historically been its weakest quarter.

You know, the quarter immediately before the one when they release new iPhones?

So the real question becomes, will the trend line hold?

And will it continue through to 2020, when Apple is rumored to be releasing a new generation of 5G phones?