Kodak was the undisputed king of digital photography from the moment they invented it until about the year 1999, when Nikon finally came out with the D1.

The idea that Kodak somehow ignored digital is a weird silicon valley fairy tale. Kodak shipped a 6 megapixel digital camera in 1995, years before anyone even came close (arguably, the Nikon D1X was the first comparable competitor, and it hit the market in 2001). What killed Kodak was not resting on their laurels, it was actually overspending on R&D that went nowhere, like their disastrous entrance into the pharmaceuticals market.

Nikon's market cap is down 90% since the 2000s.

I think with Canon it is similar - I can't find a long term chart right now though.

Not surprising considering that the vast majority of people just use their smartphone as their digital camera. Both companies did just fine in the transition to digital, it was the transition to mobile that they lost out in.

I can very well see similar statements in 20 years:

"Not surprising considering that the vast majority of people just use robo taxis now. The ICE manufacturers did just fine in the transition to EVs. It was the transition to self-driving they lost out in."

I don't know that they'll all be winners, but Big Auto is one of the largest investors in self driving tech, and they're aggressively poaching talent.

I suspect that has to do with the iPhone which had replaced the digital camera for almost everyone.

You're using the word 'iPhone' where you mean 'smartphone'. Don't do that, you wouldn't call any car a Ford or any vacuum cleaner a Hoover either. Nor do you call any iPhone a Nokia, for that matter.

Its called a metonymy.

There was an order of magnitude more of money in the film market compared to the camera market.