Apple to many seems to have lost its mojo for innovation. But it knows how to build a pile of cash.

This is the impression of Silicon Valley venture capitalist Chamath Palihapitiya, who told CNBC Wednesday the very thing that feeds the frustrations of Apple fans – innovation in Cupertino is slipping.

In today’s Apple keynote, we got another look at the the new iOS 11 for iPhone and iPad. There are a lot of great new features for both devices — person-to-person Apple Pay, an all-new App Store, improved Siri, and a new kind of social network built around Apple Music. But the iPad is the real winner. iOS 11 brings multitasking features that unchain Apple’s “big iPhone,” and turn it into a computer to rival any Mac or PC.