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but with periscope lenses the gap will become smaller.

In the end it is not so much about optics - but electronics, AI and (OK'ish) optics colluding to make great looking pictures. There will always be a market for professional grade cameras - but it is shrinking.
Maybe. Keep in mind, though, that phones aren’t the only thing with new technology. Some of the stuff they have on newer rigs I couldn’t have imagined just a couple years ago... I’ve been reading about the death of the SLR since the 1980s and have yet to see it happen ;)
 
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Phone technology curve has obviously been slowing down for a while.

It’s really all incremental from here....and it’s been this way for a while.

Incremental future updates will probably include previously abandoned technology like Touch ID and 3D Touch. And likely more attempts to democratize the product by offering lower cost options like a renewed “unapologetically plastic” iPhone for emerging markets (which would also free Apple up to adopt more upscale materials for “pro” series).
 
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