[bitsandboots]

Similar conclusion - they're "losing" if the goal is marketshare and mindshare dominance. If the goal is just to carve their own niche, they're already there.

But, if you compare the growth into new spaces Apple did in the 2000s, then sure Apple of today hasn't done anything new in a while. Does it need to? Maybe from an investor point of view?

The hardware side is its own thing - some do not challenge their hardware because their goals are different like Facebook going cheap on VR rather than expensive). While nobody has as complete of a portfolio on what the M-chips have accomplished, the GB10 and Ryzen AI Max Pro seem to be similar in capability, yet late to the party and at this point just one-offs. But I don't think that really matters. Few people are buying based on deeply researched specs, so whatever is cheap and has battery life will do and there's happily plenty to choose from these days.