With Apple's 2Q16 earnings in the rearview mirror, we focus on the iPhone business and what appears to be a number of warning signs regarding growth and profitability. The iPhone business is slowing, and it appears that Apple management is still trying to get ahead of a deteriorating demand environment. In this episode, we discuss what is going on with the iPhone and the various warning signs beginning to appear. We then turn to the things to look out for when thinking about the path forward for iPhone and end with a big picture takeaway on where things stand in Apple's grand iPhone plan. Even though the iPhone business isn't imploding, it is time to become more skeptical about the iPhone's growth story. More information on Above Avalon memberships can be found at AboveAvalon.com/membership.