Geopolitics are a whole lot more complicated than coming up with a hot new feature to sell your latest iPhone.

For this reason, JPMorgan and Credit Suisse think that there are no easy fixes to Apple’s current iPhone challenges. That’s because they involve the complexities of the burgeoning China vs. U.S. trade war, among other things, meaning that iPhone sales are victim to larger macroeconomic uncertainties.

Apple convinced us we couldn’t live without a smartphone. Now many of us have a smartphone in hand and Apple may be facing the curse side of the blessing — finding new customers for the iPhone.

Credit Suisse recently issued a report to investors that further fuels speculation that iPhone sales will dip for the first time since Apple introduced it in 2007. The upshot: Smartphone ownership is approaching 100 percent. We’re nearing “peak smartphone.”

Swiss bank Credit Suisse has lowered its iPhone sales estimates for 2016 from 242 million to 222 million — reflecting what the organization claims is lower-than-expected demand for the handset, prompting Apple to cut up to 10 percent of its component orders.

“The cuts seem to be driven by weak demand for the new iPhone 6s, as overall builds are now estimated to be below 80 million units for the December quarter and between 55-60 million units for the March quarter,” the bank said in a note to clients.