Apple’s market value fell by 3.4%, wiping out more than $108 billion in a single trading session. The decline came after the iPhone 17 launch, which investors saw as lackluster due to its lack of major innovations.

The new device includes better cameras, a longer-lasting battery, and other small upgrades. Still, critics argue Apple has fallen into a cycle of predictable updates. One Wall Street analyst put it bluntly: “The market expected disruption, but got refinement instead.”

Rivals Raise the Bar

Apple’s stumble comes as competitors push forward. Samsung’s foldables have expanded the smartphone market, while Google continues to strengthen its Pixel line with advanced AI tools. Microsoft has also leapt ahead in the AI race by weaving Copilot into its products, a move that has, at times, lifted its market cap above Apple’s.

A Creativity Plateau?

To many observers, the selloff reflects more than just a bad day on Wall Street. It signals growing concerns that Apple’s creative spark has dimmed since the death of co-founder Steve Jobs (God Rest His Soul). Under Jobs, products like the iPhone, iPod, and MacBook didn’t just launch—they reshaped entire industries. Each release felt like magic.

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Today, that aura is harder to find. The Vision Pro headset hinted at bold ambition, but its high cost and limited audience curbed its impact. By contrast, the iPhone 17 feels like an iteration, not a revolution.

Would Jobs have allowed Apple to lean so heavily on incrementalism? Many investors and consumers doubt it. His relentless pursuit of breakthrough innovation, even at the risk of failure, set the stage for Apple’s dominance.

The Lesson for Brands

Apple’s story offers a lesson that extends beyond technology. In branding, the perception of innovation can be as powerful as innovation itself. People crave fresh experiences, magic, and compelling narratives. If a brand loses that cultural spark, both loyalty and investor confidence can erode, even if the balance sheet looks strong.

For now, Apple remains one of the world’s most valuable companies. Yet the $108 billion loss in a single day serves as a sharp reminder: innovation can’t run on autopilot, either in business or culture.

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