If nobody needed more compute power, QCOM, NVDA, and the countless others in the ARMy wouldn't be aggressively pushing TSMC and the like to move to next gen nodes at an unprecedented pace.
No, there's always a need for more...it's just a question of what form factor people want to buy that compute in.
Software has to take advantage of the newer hardware to run applications that the user could not run on the older system. Or there must be a noticeable increase in the quality of existing applications running on the newer hardware vs. the older hardware.
Otherwise, the upgrade value proposition isn't there outside of wear and tear replacement value.
We're still using iPad 1s and iPad 2s - so yup, the old stuff still works for us. I imagine that there are some things that won't run well on the iPad 2 but we apparently don't use those things.
Market Data 
Markets 
AI
