“Apple Intelligence will ultimately be the catalyst for an iPhone upgrade 'supercycle': 'The most potent piece of this demand acceleration is likely to come in the June quarter. I don't think it's going to play out in December.'”

Apple's June 2025 quarter was indeed the strongest of the cycle — iPhone revenue rose about 13.5% and total revenue 10% — but Munster himself conceded in May 2025 that the Apple Intelligence supercycle failed to appear: the iPhone 16 cycle (Sep '24–Jun '25) finished up only ~3% against his 8–10% forecast, and the June-quarter strength was widely attributed to tariff-driven pull-forward rather than AI features.