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Whisper it in the cafes of Silicon Valley, mutter it in the teashops of Shenzhen, yell it from the Austrian mountain top. The supercycle is dead. I'm calling it. Before Apple Inc. unveiled the iPhone X in September, some investors expected the company's new flagship product to drive a multi-year growth cycle, much as the iPhone 6 did three years previously. On Monday, Austrian chipmaker AMS AG became the latest to warn that its businesswas being affected by "a more difficult short-term demand environment in the smartphone market." In other words, people aren’t buying as many iPhone Xs as hoped. Baader Bank analyst Guenther Hollfelder estimates that the AMS numbers indicate between 20 million and 25 million fewer iPhone X sales than expected. Ultimately, the lack of stellar unit sales might not matter to the Cupertino giant. Apple has managed to offset those disappointing numbers with higher prices, and is accelerating its push into services – a business that includes the App Store, ...

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