Apart from the fact that the Chinese economy seems to be faltering and collateral damage from Trump’s ‘trade war’ what the slide signals is that the smartphone boom triggered by Apple with the iPhone is ending because we’re reaching a plateau and apparently there’s no New New Thing in sight. At any rate, that’s Kara Swisher’s take on it:

The last big innovation explosion — the proliferation of the smartphone — is clearly ending. There is no question that Apple was the center of that, with its app-centric, photo-forward and feature-laden phone that gave everyone the first platform for what was to create so many products and so much wealth. It was the debut of the iPhone in 2007 that spurred what some in tech call a “Cambrian explosion,” a reference to the era when the first complex animals appeared. There would be no Uber and Lyft without the iPhone (and later the Android version), no Tinder, no Spotify.

Now all of tech is seeking the next major platform and area of growth. Will it be virtual and augmented reality, or perhaps self-driving cars? Artificial intelligence, robotics, cryptocurrency or digital health? We are stumbling in the dark.

Yep. Situation normal, in other words.