I'm not convinced the next "it" is a new hardware product any time soon. You can do a lot with a screen, battery, and cellular connection. All the stuff that AI pins and necklaces can do will end up in phones, watches, and earbuds, and Apple will keep selling all those existing product lines for years. They might even find a way to squeeze an "Apple Intelligence Plus" subscription in there somewhere, with their recent focus on chasing services revenue to make up for slower phone sales.

Just because phones are maturing doesn't necessarily mean a new computing paradigm is right around the corner.