No. People who don't have an iPhone either have a different smartphone (their demand is owned by Apple's competition), they can't afford a smartphone (they're not a source of demand — until someone innovates and makes a cheaper smartphone), or they've actively chosen not to own a smartphone (not a source of demand).

You said:

> Tech has saturated the existing market, there is no demand to be satisfied for more tech.

Of course, if you mean at current prices, then sure: everybody who wants and can buy at current prices will do so.

Still, demand is very elastic. Even with current tech, there's lots and lots more demand at slightly lower prices. Companies can just wait until their capital investments have deprecated a bit more, and then lower prices a bit.

(You also want to keep prices high initially, even if costs would allow to go lower and still break even, to capture the higher willingness of some people to pay more to get your product sooner. Basic price discrimination.)

You are looking in the wrong places, then. Not everyone without an iPhone wants one - the demand you cite doesn't exist.