Only a few months ago, Apple was crowned the first company to be valued at more than $1 trillion. Now, in the wake of a surprise profit warning, its entire future is being questioned. Both reactions are extreme. A victory lap wasn’t warranted last summer, nor is a eulogy now. The company is at an inflection point. Apple, like others before it, is attempting to navigate the shift. It’s fair to wonder if it can; it’s premature to conclude that it can’t.

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