If there’s one thing we’ve learned from Samsung’s soft sales of the Galaxy S9 through 2018 and Apple’s dramatically reduced forecast of iPhone revenues for the end of that year, it’s that most people who want a great smartphone already have one. In his letter to investors yesterday, Apple CEO Tim Cook spelled out the reasons why his company sold (many) fewer iPhones than it had anticipated in the final quarter of 2018, and a large chunk of them can be summed up as “too many good phones already out there.” This statement from the boss of the iPhone company is merely the crowning punctuation to a market stagnation that’s been apparent to phone makers for well over a year.

Smartphones, and the iPhone especially, have been on a constant…

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