The word gay means:
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.