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If you’re under 30, “BlackBerry” might sound more like a fruit than a smartphone. But in the mid-2000s, it was the device to own. With its physical QWERTY keyboard and the revolutionary ability to get emails instantly, BlackBerry was the status symbol of the corporate world and for a while, nearly everyone had one.
At its peak in May 2008, the Canadian company’s stock traded above $140, making it one of the most valuable companies on the planet. But then came the iPhone. Within just a few years, consumers traded their “CrackBerries” for Apple’s sleek touchscreen devices. Today, BlackBerry stock hovers around $3.65 a staggering 97% collapse in value.
What happened? BlackBerry’s core business was wildly profitable, and pivoting to compete head-on with Apple would have meant dismantling that model and taking a risky leap into the unknown. Public companies tend to avoid moves that could crater short-term revenue, and by the time BlackBerry recognized the shift, it was too late. The market and consumers had already moved on.
Apple, of course, became the clear victor in the mobile revolution. Since May 2008, its stock has soared more than 3,000%, and the company is now worth about $3.33 trillion.
But according to one prominent analyst, the tech giant could now be standing on the wrong side of history risking a “BlackBerry Moment” of its own.
The New Revolution: Generative AI
Generative AI is transforming the technology industry in ways that rival the smartphone boom. While companies like OpenAI, Microsoft, Google, Meta, and Amazon push aggressively ahead, some on Wall Street are worried Apple is sitting out the race.
In a rare shift from his typically bullish stance, Dan Ives, a tech analyst at Wedbush Securities, warned in a research note that Apple must move decisively into AI or risk falling behind, just as BlackBerry once did.
“Apple is on a park bench drinking lemonade while the rest of the industry is sprinting ahead,” Ives wrote. With 2.4 billion iOS devices and 1.5 billion iPhones in circulation, Apple holds an unparalleled distribution platform, he said, but without a bold AI strategy, that lead could evaporate.
Ives’ Three-Point Plan to Avoid Disaster
To prevent a BlackBerry-style collapse, Ives outlined three urgent steps Apple should take:
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Acquire Perplexity
The AI-native search startup, known for its fast and conversational approach to information retrieval, could provide the foundation for a completely revitalized Siri. Ives called Perplexity’s technology “some of the most impressive in the AI world” and suggested a $30-plus billion acquisition would be small compared to Apple’s potential AI monetization upside. (A Perplexity spokesperson noted they are “unaware of any M&A discussions” with Apple.) -
Bring in External AI Leadership
Ives argued that Apple’s innovation pace has stalled, likening its recent product cycles to reruns of Back to the Future. To regain momentum, he recommended bringing in top AI executives from outside the company, suggesting that even CEO Tim Cook’s leadership team might be “running in place” without bold, fresh direction. -
Deepen Integration with Google’s Gemini
Despite regulatory scrutiny, Ives believes Apple should double down on integrating Google’s Gemini AI chatbot into the iPhone ecosystem. He dismissed OpenAI as a sustainable long-term partner and cautioned that the window to lock in a major AI alliance is closing quickly.
The Stakes Are High
The warning from Ives is striking not just because of its content, but because it comes from an analyst typically known for his optimism on Apple. His message to Cupertino is blunt: stop observing the AI revolution from a distance and start leading it.
Apple declined to comment when local press reached out.
The lesson from history is clear. BlackBerry’s fall wasn’t inevitable it was the result of waiting too long to pivot when a disruptive technology wave hit. For Apple, the next few years could determine whether it continues to dominate the tech world or becomes the cautionary tale it once replaced.
