Teen iPhone ownership is up to 88% (!) in the US.

I generally agree with what you're saying, and unlike Cook I don't find it "hard to imagine" life without iPhones (an augmented reality future isn't that far out to consider), but they have a long runway. Gen Z and Gen Alpha define "cool", and they are committed to the ecosystem.

Except the little issue teens don't appear on the same rate as iPhones hit the store shelves.