The Rundown The Real iPhone Story Apple Investors Are Missing | Mark Gurman
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Sep 14, 2025 
Mark Gurman, a renowned tech writer at Bloomberg with insider knowledge on Apple, breaks down the recent unveiling of the iPhone 17 lineup. He discusses the unexpected muted reaction from Wall Street and how the new iPhones, particularly the iPhone Air, could boost revenue without a super-cycle. Gurman emphasizes Apple's strategy of prioritizing hardware that consumers desire over chasing AI trends and elaborates on their supply chain shifts amidst global trade challenges and the political landscape.
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Hardware-First Keynote Strategy
- Apple stuck to hardware fundamentals at the iPhone 17 event instead of leaning into AI theatrics.
- Mark Gurman says that focus on design, durability, battery, cameras, and performance was intentional and necessary.
The Super Cycle Was A One-Time Event
- The 2014–2015 iPhone 'super cycle' was a one-off driven by larger screens and China carrier deals.
- Gurman expects no repeat super cycle and says Apple now prioritizes revenue per device over unit growth.
Revenue Over Units
- Apple is shifting emphasis from unit growth to increasing iPhone ASPs and revenue.
- New models, storage tiers, and higher base prices will drive iPhone revenue even without a massive upgrade wave.