[Apple's iPhone lease play](https://www.cnbc.com/2026/07/28/apple-plans-to-lease-iphones-for-17point99-a-month-through-klarna-deal.html) is a major tell — you don't drop subscription pricing on flagship hardware unless upgrade cycles are grinding. The company posted a 28.1% net margin on $254.9B annual revenue, which actually suggests meaningful pricing power despite saturation signals.

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