It’d be a rebalancing of sorts but I doubt it would crater. I think more people would buy the phones.From a consumer standpoint, no.
From a "capitalism is a house of cards built on shareholder demands for infinite growth" standpoint, yes. The company would crater in value if Apple announced a pivot from yearly updates tomorrow.
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I like this point of view.Apple makes billions in revenue every year from new iPhone buyers. They absolutely need it. The stock would shoot down if they stopped.
Do consumers need it? Of course not. But I also don't think incremental updates are bad. I'd rather have a halfway step one year then need to buy a 0 step that's a year old.