I think Gruber is in denial over the weakening fortunes of Apple. The writing over Apple hasn't gotten crazier in my opinion, just more negative (and I think it's appropriate).

They were the world's most valuable company and they run it like a black box. They do a terrible job of communicating with shareholders. I think that has been responsible for some of the $300 billion in value Apple is missing these days (and the 9 pe ratio).

The market wants to know: what is Apple going to really do about competing with Android / Samsung / Kindle Fire / very low cost, high value smart phones and tablets.

Can Apple retain a healthy ecosystem (apps, music, media) with 5% of the global market? 10%?

Android has become a near monopoly in smart phones, squeezing Apple into an increasingly smaller corner of the market. The same thing is going to happen in tablets, if only due to price / selection alone. Eventually this compression will begin stealing value from the company and not just slowing down their growth rate. Most forecasts are pegging them to declining profits and drastically slowing sales. Is that crazy writing? No, it's a negative view on the company's prospects.