Mohan's optimism stems from his belief in a multiyear iPhone upgrade cycle fueled by generative AI features exclusive to the iPhone 15 Pro and Pro Max. He noted that many users still have older iPhone models, such as the iPhone 11 and 12, which will not have access these new features. Wedbush analyst Daniel Ives also supports this view, predicting a strong upgrade cycle for Apple's iPhone 16 driven by growing global demand and positive signals from the Asia supply chain.