&gt; It&#x27;s hard to imagine a scenario where Apple has peaked. Even replacement sales would sustain a healthy business, and they have extremely high satisfaction and retention rates.<p>It&#x27;s not that hard, their largest growth market (by far) is a huge question mark. It&#x27;s tough to rely on a single product that is expected to be replaced every year. There will be a ton of pressure on the iPhone 7.