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.
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.
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.