There comes a time when technological advancement is just not big enough to make consumers want to spend money on upgraded products.

Has Apple reached that point with its iPhones?

Apple’s shares have been down sharply over the past two weeks, going from a recent high of $232 a share on Oct. 31 to just $185.86.

Apple was down 4 percent on Monday alone.

In less than a month, a stock that was a darling among institutional investors has lost nearly 20 percent of its value.

Why? Because Wall Street analysts who follow the company detect a slowdown in iPhone sales after four Apple suppliers cut their revenue forecasts. Even if Apple won’t say how its own product sales are going, Wall Street can deduce what it needs to know from how many parts the company is buying.

I made a wisecrack at the bottom of one of my columns recently. I said my iPhone 7 is great and I’ll probably be forced to buy a new phone the day I accidentally drop my current one into the toilet.

You probably didn’t know it at the time, but there was wisdom in that crack insofar as I — and perhaps a lot of others — don’t feel the need for a new smartphone based on the merits of current technological improvements.

A faster phone? A better camera? Bigger? Smaller? A pretty color? What’s going to make me want to spend a grand or more on something that’s only slightly better.

Give credit to TV and video game manufacturers. They’ve made their products more attractive with each new generation. Flat screens and high definition have made older TVs obsolete.

Video games have constant innovations including new software and the ability to play with someone on the other side of the world.

Phones already do a lot, and there’s not a lot more that I can think of that will make me throw my current one away and rush out to buy the latest innovation.

I’ve said this before. I started my career as a journalist writing about consumer electronics products. Technology — especially products coming from Apple — have changed the world. But smartphones may be at the point where the law of diminishing returns applies.

The pizzazz is just gone. They are now just like pizza — all the same with a few different toppings.

Peter Lynch, the famous investor, said anyone could make smart stock picks if they just observed what was going on around them. Their personal expertise is what was most valuable.

Here’s what I learned about smartphones from my personal experience: People like me probably weren’t going to buy incrementally better ones at the currently high prices. People like me would have to drop their phones into the toilet before there was a real urgency to upgrade.

Maybe Apple has something up its sleeve that’ll excite me. But right now it looks as if Apple Chief Executive Tim Cook is wearing short sleeves and is hiding very little.