By Jon Markman via Iris.xyz

On June 4, at its annual Worldwide Developers Conference in San Jose, Calif., Apple continued its practice of announcing mostly superfluous software updates to its hardware platforms.

The faithful cheered. The stock hit a new high. But don’t miss what’s really happening here.

For the better part of the last decade, the iPhone maker has been riding a wave of terrific handset sales. People all over the world love iPhones. They are willing to put up with buggy software, terrible battery life and often draconian user experiences.