Everybody complains Apple isn’t innovating, but R&D spending and patents tell a different story

• Apple is investing heavily in new product development, Bank of America analyst Wamsi Mohan said in a note distributed on Thursday.
• Apple’s research and development spending increased from $1 billion in 2009 to $13 billion in 2019.
• Patents show that Apple is working on technologies in wearables, fitness and health.

Apple’s research and development spending has increased from $1 billion in 2009 to a projected $13 billion this year, not including stock-based compensation, according to a Thursday note from Bank of America analyst Wamsi Mohan.

The amount of money going into R&D in Cupertino shows that Apple is spending heavily both to fend off new technologies which could threaten its dominance in smartphones and...