Renowned Investment J.P. Morgan analysts say the Apple (APPL, Financial) iPhone 16 momentum is slowing faster than expected, based on data from Wave7 Research. Given the improved seasonal trends in the latest data, the iPhone survey shows that the iPhone 16's market share over October and November is trailing behind year over year on iPhones, where the iPhone 15 cycle ended.

An analyst, Samik Chatterjee, blames a lack of consumer awareness of Apple Intelligence, a feature likely to lead to upgrades but currently under the radar. The survey results show that 67% had a 'low' awareness of Apple Intelligence, while only 10% had a high one.

Across carriers, the iPhone 16 Pro Max had a 19% share within the lineup during the survey period. The base iPhone 16 models and the iPhone 16 Pro came next with 16% and 17% of the market share, respectively, while the iPhone 16 Plus came in last with just around a handful of 7%.

Carrier store representatives also revealed that the iPhone 16 Pro and Pro Max rank lower than the Samsung Galaxy S24 Ultra in terms of camera quality, which further added to competitive pressures in the premium segment.

In premarket action Wednesday, Apple's shares traded flat; J.P. Morgan keeps an "Overweight" rating on Apple. Despite the hurdles, however, the survey implies that the iPhone 16 lineup might still experience seasonal boosts in demand into the year-end.