Apple Inc (AAPL  ) may be riding high with a $253.48 stock price, but the iPhone 16 cycle is showing signs of stumbling, according to JPMorgan analyst Samik Chatterjee.

The latest Wave7 Research survey paints a mixed picture, with iPhone market share trailing behind the iPhone 15 and iPhone 14 cycles during the critical October to November period. Despite a seasonally better month, the iPhone 16 cycle's market share clocks in at 66%, down from 69% in 2023 and 70% in 2022.

The likely culprit? There is a lack of buzz around Apple Intelligence, the tech giant's much-touted new feature. Carrier store reps say consumer awareness is still alarmingly low-67% of reps surveyed reported "low" awareness, while just 10% called it "high." So much for artificial intelligence leading a real upgrade cycle.

Apple Pro Max Powers Ahead, Leaving The Plus In The Dust

While the overall iPhone 16 cycle may be underwhelming, the high-end iPhone 16 Pro Max is stealing the spotlight, leading sales across all carriers with an impressive 19% share. It's clear that Apple's premium strategy is paying off at the top end of the spectrum, even as the 16 Plus struggles with a mere 7% share.

The Samsung S24 Ultra outshone Apple's iPhone 16 Pro/Max in photography chops, with its superior range and resolution earning 50% of the votes. Apple trailed with 30%, barely edging out Google's (GOOGL  ) (GOOG  ) Pixel 9 Pro/XL at 18%.

What's Next For Apple?

While Apple Intelligence hasn't captured the public imagination yet, Apple's loyal base and robust sales of high-end models suggest the potential for a second wind.