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Apple’s stock price hit an all-time high of more than $700 in September, but it’s currently trading below $600. Part of that decline has come since the company announced its latest products on Oct. 23 and pushed out two senior executives a few days later. And yet Apple may still be overpriced. There is mounting evidence—of the sort that technologists understand but markets often miss—that Apple has lost the narrative that took it from death’s doorstep to world’s most valuable company by market capitalization. That doesn’t mean it’s about to fail—just that it’s not destined to keep on growing.