[spaceman_2020]

The p/e of most of the big names is still in the 20-25+ range. Way too high, and that's before earnings for the current quarter.

In a downturn, an expensive new phone will be the first thing to get cut from consumer shopping budgets. And indiscrimate marketing spend will be the first thing to be cut from business spending.

[nly]

Not so sure about that phone. Most people are getting them on credit/contract, so you'll just see contract terms extended and/or made less generous to compensate for higher interest rates and inflation. People will still replace their phones whenever they can because it makes them feel good.