Some of you may recall that I’ve theorized smartphones are now starting to reach the “saturation” point where the technology has been more or less perfected, the updates to the hardware become less and less meaningful, and most everyone in the general public who wants one probably has one.

Because of this, I eventually expect the maturing smartphone market to reach the point where PC computers are now – stagnant and slowly declining sales and less and less performance improvements, with the focus increasingly on improvement of app performance.

In possible backing for my theory, Apple’s iPhone 8 went on sale Friday, and it pretty much flopped:

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This year is different. There has been weak iPhone 8 demand and after a full week of pre-orders, most models will still ship immediately.

Lines at Apple Stores on the first day of sales are virtually non-existent. With iPhone 8 sales shaping up to be unexpectedly slow, Apple stock slid another 1.7% overnight.

There have been signs that the new iPhone 8 isn’t going to be as popular as previous models ever since Apple began accepting pre-orders the Friday following this year’s big Apple event.

There was no real slipping in ship times as traditionally happens with iPhone pre-orders. Analysts quickly warned that iPhone 8 demand was significantly lower than for previous models.

Several days ago, Bloomberg published stats showing iPhone 8 pre-sales in China were down even lower. A popular website notched 1.5 million iPhone 8 sales in the first three days compared to 3.5 million for last year’s iPhone 7.

There is an “X” factor in the form of the iPhoneX. Most of the tech media thinks the reason for sluggish iPhone8 sales is because everyone is lining up to buy what one financial paper described as the “super premium” iPhoneX, which debuts at $999. The analysts and tech pundits think that the majority of people who carry Apple products as a status symbol will be lining up for it, as opposed to the iPhone 8 which was essentially outdated at the very time of its release.

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I am a little skeptical of this. $1,000 is a lot of cash, even for the status-obsessed.