On Apple

The iPhone Isn't the Cash Cow It Once Was. Apple Isn't Worried.

Even at its enormous size, Apple has figured out how to continue to grow, by vertically integrating, tempting us with more devices, accessories and apps, and selling lots and lots of phones, albeit at a lower margin. But it can’t do it alone: The golden goose depends on the cooperation of software and content partners, regulators — and more than a billion loyal customers.