Apple Doesn't Set The Table Anymore

Bloomberg reported on Monday that Apple Inc. (NASDAQ: AAPL) is looking to sell its own version of digital glasses that can connect wireless to an iPhone.

Sound familiar? As noted by Gadfly's Shira Ovide, Apple's next hot product is a new version of Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL)'s failed Glasses product.

Meanwhile, Snap is also working on its version of glasses that will connect to the Snapchat app.

Apple's Torrid History Of Reinventing The Wheel

Ovide argued Apple's expansion into this new category is far from inspiring. Granted, the company has developed a track record of transforming "not-entirely-original and niche ideas" and turning the product into a something bigger.

For example, the Macintosh computer was inspired by unused research at Xerox, the iPod was far from the first digital music player, smartphones existed prior to the iPhone and the iPad entered the tablet market when it was already competitive.

Is The Magic Gone?

Apple's "magic turned fringe products into mainstream ones," but can this last forever?

According to Ovide, Apple has seen its status as technology trendsetter downgraded. The Apple Watch has yet to be the hit many had hoped it would be. In addition, Apple has not only taken a backseat in its desire to revolutionize the TV, but it is barely a participant in the transformation away from cable to online streaming and on demand.

Bottom line, Apple's days as an "unrivaled innovation factory are over."