The iPhone 16 has the shortest lead time of any iPhone released in the past five years, indicating demand for Apple's AI-infused phones is sluggish.

"When we aggregate all of our iPhone lead time data," says Morgan Stanley, "average iPhone 16 lead times from pre-order to today stands at 14 days, shortest amongst all cycles in the last 5 years and roughly in-line with the iPhone 12 cycle."

Editor: Gao Han