Depending on your viewpoint these can be highly disruptive plays - smart phones were going no place for many demographics until the iPhone came out. Android was going to be a cheaper blackberry clone until they saw what iPhone was doing.
But another view of the iPad famously was the Slashdot single-line review, "No wireless. Less space than a Nomad. Lame."
Phones were a bit of a blind spot in the market. There should have been a lot more investment going on.
Phones are expensive devices that people update often (with "often" really being a function of the demographic), where the price was disguised in many markets via carrier subsidies and cellular contracts. The carriers were often trying to figure out how to get more customers and get them to pay for more services, so charging for data tiers on top of minutes and messaging was attractive.
Nokia had teams that understood this and obviously the company in general was capitalizing on how much money was going into phones, but they were highly dysfunctional in terms of massive amounts of duplicated work (e.g. little commonalities between hardware or OS on dozens of phones released every year). An example of Nokia trying to leverage cellphones to go into a new market would be the N-Gage.
In terms of markets they tend to go after, VR would be the one where I might worry they missed the wave. Some of that is not knowing if VR actually has broad demographic appeal though - there are technology leaps still needed for many people to tolerate longer headset usage, and most computer applications aren't really VR as much as they are 'large virtual monitor' - you don't see N-dimensional word processing as much as games and experiences. Their money is obviously on AR having much broader appeal.
There are certainly cases where market disruption attempts have failed, such as the HomeKit ecosystem. The more open (and cheaper) ecosystems that Google and Amazon have had managed to get significantly more adoption by manufacturers. For that reason they now seem to be aligning much more with and driving new industry standards instead, such as Matter.
All the rumors about them investing toward a full self-driving car product is really odd, because it goes against so much of their formula for incremental evolution of product lines - seems about as likely as them releasing a television or refrigerator.
