Smartphone shipments plunge to a low not seen since 2013

Starting in 2011, I used to upgrade my phone every 18 months or so to get better cameras, more responsive UI, better battery, etc. About 3-4 years ago for me phones got good enough that I no longer feel the need to upgrade. Are the new cameras better, are there more of them? Sure, but they're not an order of magnitude better and any advances in hardware are offset by more bloat in the OS.

Similar story with my 'good enough' laptop.

With some people, the pandemic may have contributed to keeping their phones longer - one reason to upgrade is if the battery starts lasting less and less, but if you're at home all day, plugging it in is no big deal.

Moore’s law being finished is certainly one factor.