660.

The iPhone’s Last Stand – Stratechery by Ben Thompson

stratechery.com/2026/the-iphones-last-stand

Specifically, consumers don’t want to work, and don’t really care about being productive.

This reality about the consumer market is a lesson that Silicon Valley has to re-learn every decade or so. Consider Dropbox, whose founder, Drew Houston, is in the process of stepping down. Dropbox was a category-defining product that had a viral hook — if someone signed up with your referral code, you got more storage — and grew extremely fast amongst consumers; the company then spent too long trying to actually build a business in the consumer space, before finally realizing that the only way to make money with what was ultimately a productivity product was by selling to enterprise.