1. A state of happiness or contentness.
2. Homosexuality; liking the same gender of your own
Gay is not an insult. If you say "This iPhone is so gay" it's like you're saying that the iPhone has feelings for the same gender of its own. This doesn't make any sense whatsoever because iPhones don't have a gender. Many people from the younger generations tend to say this term incorrect.
1. I just won 10 million dollars, I'm feeling so gay.
2. My name is Joseph and I have a crush on another guy, which means I'm gay.