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The end of the iPhone X cycle could send Apple's stock tumbling.
Business Insider CEO Henry Blodget discusses Apple, whose stock is up more than 90% over the past five years. He references a research report from Nomura Instinet analyst Jeffrey Kvaal, who lowered his rating on the company to neutral. Kvaal argues that Apple's shares have historically contracted after a product supercycle, and that the iPhone X cycle is nearing an end. He notes that the company's 15x valuation matches past supercycle highs, after which it's dropped to 8x-9x. Blodget mentions rumors around another iPhone X that will supposedly be even bigger than the current model, and says that could lead to another product cycle.