If Apple's only revenue source was workstations, your historical examples would be apt.
If SGI had diversified their portfolio to include a market dominating mobile phone that accounted for half their revenue, and multiple other lines that accounted for another 40+ % of revenue, relegating their proprietary workstation solution to 5-10% of revenue, well then they'd probably still be around.
The iPhone is definitely their biggest product, but all the reasons people buy iPhones - the lock-in to other Apple technologies, are being undone by the E.U. The iPhone is primarily a dongle for iMessage, and breaking iMessage exclusivity is guaranteed to be on the E.U's agenda.
The Apple Watch, which was supposed to be the next BIG platform for Apple keeps suffering basic failures of its UI paradigm, because Apple isn't actually very good at UI - something that people have failed to notice, because Apple had so much inherited wealth of previous-generation UI development. Like people thinking Trump is a good businessman, despite his handling of an inherited fortune being worse than the rate of return of a savings account.
The Apple Watch likewise is on a hollow foundation, because it's turning out most of its big ticket technologies and functions are stolen IP (it's about to be banned from import to the US because of its stolen Blood Oxygen reading tech), so the future viability of that is questionable.
The iPad - it's more like a Microsoft Surface now, than it's like the iPad Apple first launched. It's a Surface that is less good at the things a Surface does well (being a computer with a desktop OS). Its advantages - power efficiency & battery life are commoditised characteristics.
Apple Vision? It's an iPad you wear on your face - it's underpowered for the thing people will actually tolerate wearing a headset to do (immersive reality simulation), and it's overpriced for the things it can actually do, given its obsolescence trajectory. People are talking about it being a prototype for "normal glasses that do AR" but that isn't going to happen in a decade-scale timeframe. Companies like Humane will get display-free immersive computing happening for the equivalent tasks, before Apple gets "normal glasses" displays happening.
SGI owned CRAY in the end, diversifying into more expensive niches didn't save them.
The
nicest version of standardised solutions is a business where you can surf the achievements of the entire industry, like an index fund tracks the entire economy. 1997 - 2012, that was Apple's business.
Just watch - the primary purchase motivator for the Mac is going to become "to be compatible with a supported macOS" - basically, a rentseeking protection racket for security updates, where newer computers are bought, not to do anything the old computers couldn't do (in many cases they do less than the old machines), but merely bcause they have a more up to date security pantomime.