Apple (AAPL, $207.74) hit all-time highs last fall as investors held their collective breath to see whether the iPhone XS and iPhone XR would kickstart stalled iPhone sales.

They didn't.

Smartphone sales are in decline globally, and Apple is far from immune. On Nov. 1, the company took the step of announcing it would no longer report unit sales of iPhones. Several experts believed it was because iPhone sales were flat or in decline, prompting a decline in Apple stock.

Something's changing, and it's not good news for the first American company to hit $1 trillion in market value. In January, Apple reported its first holiday-quarter revenue decline since 2001 on the back of a 15% year-over-year iPhone revenue slide. Sales dipped again in Q2. The company is discounting iPhones in an attempt to boost sales. Adding to investor unease, at the end of June, long-time design chief (and Steve Jobs collaborator) Jony Ive announced he was leaving Apple.

The "next iPhone" used to be a reference to other companies with products that had the potential to change the face of technology and send shares soaring to the moon. But now, Apple is in search of its own "next iPhone" to deal with the very real slump in its transformative smartphone.

So, what is Apple's next iPhone - or does such a thing even exist? We'll look at current Apple products, as well as other future launches that have a chance of powering AAPL stock over the next decade, to determine whether any of them have the potential to replicate the juggernaut smartphone's success.

Services

Courtesy Apple

Apple has a huge number of active installed devices that totaled 1.4 billion at last count. That gives the company a tremendous opportunity to sell its customers on the various offerings in its Services division. These include Apple Music memberships, Apple Pay and iTunes move rentals, as well as new