Heard on the Street: Apple is a master of the upsell, but next-generation wireless technology might present the company with its biggest challenge yet
Apple Inc. is master of the upsell, but 5G might present the company with its biggest challenge yet., when it is widely expected to unveil this year’s iPhone lineup. As is typical, the company has said nothing about its plans for what would be the 20th iteration of its iconic smartphone, not counting large-screen variants of the same models.
Nearly all of the company’s competitors—including the largest, Samsung —already have 5G phones on the market. But most of the world’s 5G action has been taking place in China, which accounted for more than three-quarters of 5G device shipments in the second quarter, according to Counterpoint Research. In the U.S.,, even in major cities. That has hampered the uptake so far. IDC estimates that 4.2 million 5G smartphones were sold in the U.S. in the first half of this year—about 7.
Apple is widely expected to boost that. Counterpoint analyst Jeff Fieldhack predicts this year’s new iPhones will sharply increase the market share of 5G devices, resulting in such phones accounting for 20% of domestic smartphone sales by the end of the year. And several equity analysts have started redeploying the “supercycle” term used to predict strong iPhone cycles in the past—though not always accurately.
That in turn has fueled Apple’s stock, which has jumped 59% so far this year even after retreating from its Sept. 1 peak. At more than 31 times forward earnings, the stock remains in its most expensive valuation range in more than a decade.
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