Yesterday, Imagination Technologies, the company responsible for designing the graphics chips inside Apple’s iPhone, notified the world that it would be losing that job at some point within the next two years. Swiftly, the stock market reacted by scything a full two-thirds off Imagination’s stock price.

My initial reaction was to feel sick on behalf of Imagination, whose market value fell off a vertical cliff in less time than it takes most of us to brush our teeth. The company’s designs have served iPhones and iPads reliably for years, but Apple is apparently planning to start designing its own graphics…

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