Hi, everyone. I'm Kyle Vossel here with the A16Z podcast. I'm joined today by Benedict Evans, our in-house expert on all things mobile, and Steven Sinovsky, former head of Windows and aspiring amateur photographer.

We're here to talk about a couple of things that Apple announced last week, like a new iPhone with controversially no traditional headphone, but a fancy new camera, an updated Apple Watch and wireless

AirPods that solve a lot of the problems that we've seen with previous Bluetooth headphones.

In addition to talking about the specific updates themselves, we're also going to dip into

what they imply about where Apple is going and where Apple is in terms of the iPhone sale cycle.

So I think there's a couple of meta narratives coming out of Apple's event that are maybe

worth talking about.

And maybe we can kind of figure out which we want to get to first.

Well, I mean, I think I'd agree.

I mean, there is a sort of a wonky financial analysis piece here around like what is the cycle

and the super cycle.

And Apple previously replaced the case design every two years, and now they've

gone three years and what's going on, and what about what's going on with people who are on

upgrade plans and who are on subscription plans and so on. And I think I sort of said last week,

thank God I don't need to think about that stuff anymore. You know, there's a margin in the

ASP and the case design and the China distribution and so on.

And, you know, that's part of shifting out of the kind of the explosive growth phase.

I mean, there's two or three different things to talk about here.

First of all, there is the iPhone sales cycle and the refresh cycle and how often they change the case

and how often people buy a new phone and whether people buy a new phone every one year or two years or 18 months or something. There is a second piece around

the iPhone growth and smartphone growth slowing down because frankly most people have got a phone

and most of those phone sales are smartphones and Apple's got the top end of that and there was

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