GoPro shares tanked 12% Tuesday after it was reported that Apple got a new patent for a GoPro-like digital video camera. The patent was first published by Patently Apple and later picked up by a lot of the tech and business press. The press attention seemingly caused GoPro investors to panic and sell. Now for a reality check. Apple files zillions of patents all the time. Almost none of them result in actual products. Patents are usually nothing more than pieces of paper until there's a battle with another company. Then, everybody gathers their patents up, engages in some horse trading, and pays for patent cross-licenses where necessary. They're also a useful defense against patent "trolls" — companies that make no product, but simply collect patents and use them to sue other companies. Apple files crazy patents all the time. For example: These "Minority Report" gesture controls for your computer. iPhones and iPads made of all glass. A flexible iPhone...
