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In 2007, when the iPhone launched, some of us believed that it was going to change the phone business forever. Nokia (s NOK) and RIM Blackberry (s BBRY) obviously dismissed it as a joke. They focused too much on the “phone” and not on the “i,” which was a metaphor for easy internet access in our pockets. Nokia’s market cap on the day of the iPhone launch was $114.5 billion and markets valued Blackberry at $40.09 billion. This year Nokia’s devices business was sold to Microsoft for $7.2 billion. Blackberry is going private for mere $4.7 billion. That is $134 billion in market cap that went poof.