Tech billionaire Peter Thiel has said that the era of Apple is over. He said this while responding to a question asked by the New York Times. He believes that there will be very little innovation in this field, as there is very little that a smart phone cannot do. There is very little or almost no scope for innovation in smart phones as consumers have more or less seen all that is possible with a smart phone.
With Chinese and Korean competitors churning out cheaper and better smart phones at a quick pace, Apple may soon be left behind in the smart phone race. 2016 was the first year when the Cupertino based tech giant, Apple Inc., missed its revenue target for the first time in many many years. It also witnessed a fall in its sales from $234 billion to $216 billion. It is facing major headwinds in China, where it saw a 30% decline in its sales as compared to its previosu years. It faced this challenge due to local smart phone manufacturers like Huawei, providing all the features Apple provides at affordable prices.
Peter Thiel believes that Apple’s time has come and gone as they are now not innovating,.i.e they do not have anything new in their pipeline to come up with and make it their next big thing. This view was supported by many other industry analysts, who said that it has been quite sometime since Apple has come up with something new, something that changes the way of life, the way Steve Jobs’ imagined it.
Peter Thiel is a tech billionaire, who founde PayPal with Elon Musk. He was also Facebook’s first external investor in 2004. He is said to have gotten over 10% of the Facebook stock for just $500,000. Peter Thiel is a strong supporter of current US President Donald Trump and is a part of an advisory committee that guides the President’s transition team.