Is Apple the new Microsoft?

Apple has evolved from a company that excited customers with innovative products to one that maintains dominance through platform dependency, much like Microsoft's Windows era. The iPhone has become less of a desirable upgrade and more of an essential computing layer, while Apple's high-margin Services business generates significant profits from its captive user base. Apple faces challenges including slowing growth in China, regulatory scrutiny, and uncertainty about its AI strategy, as it partners with Google rather than developing proprietary capabilities. The company must find its next breakthrough platform to avoid becoming a profitable but stagnant incumbent.