Apple’s iPhone 17 story just took an unexpected turn

A lot has been made of Apple’s push into AI, wearables, and services, but it's the iPhone that remains the heartbeat of the company’s business. Its ubiquitous smartphone still generates more than 50% of its $390 billion in annual sales. When iPhone demand jumps, everything else follows, including margins, free cash flow, and the buyback engine that has effectively propped up its unmatched trillion-dollar market cap. That’s exactly what the iPhone 17 launch carried, so much more weight than a typical refr ...