The global sales of PCs each year are about 275 million right now. That number’s been declining. The global market for smartphones is 1.4 billion. Over time, I’m convinced every person in the world will have a smartphone. That may take a while, and they won’t all have iPhones. But it is the greatest market on earth from a consumer electronics point of view.

Think about it: Families have a TV. Some families are fortunate enough to have multiple TVs. But if you looked at all the TVs in the world, it’s not one-to-one, and it’s not going to be one-to-one.

Look at the core technologies that make up the smartphone today and look at the ones that will be dominant in smartphones of the future — like AI. AI will make this product even more essential to you. It will become even a better assistant than it is today. So where you probably aren’t leaving home without it today — you’re really going to be connected to it in the future.

That level of performance is going to skyrocket. And there is nothing that’s going to replace it in the short term or in the intermediate term either.

I realize that the people who are focused on this 90-day clock say, “Oh, my God, the smartphone industry only grew by 1 percent or decreased by 6 percent.” You know, the global economy’s not that great right now. But if you’re in it for the long haul, this is the best market on earth.