Apple is facing a reckoning of its own making. The Cupertino, California company has fumbled so many times in the last year, it is quickly approaching a technological blackhole—a point of no return in its transformation from a world-changing force to an inconsequential churner of shiny stuff. The recent “dreams-crushing” iPad ad is the perfect metaphor of what the company has become: out of touch with reality, fully engulfed in its legendary “reality distortion field,” and lost in a...

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