Apple is $20 a share away from being the first $1 trillion company

Strong stock price yes, and high gross profits, but Apple's P/E ratio is worse than many of the others in the upper echelons of profit. Google's is worse still, but there at least is significant diversification in the tech sector making it a safer "disruption-resistant" bet.

And I don't see much room for growth in Apple. Barring surprises, which have been absent in the last few years, Apple has an uphill battle improving its market share globally. Compare this to the emerging nations of the world that decidedly cannot buy new iPhones in quantity, but can buy commodity-priced Android hardware.

There's still a place for "premium" in the mix too: During the rise of Android, Apple & iOS were looked to as best of breed, head & shoulders above the rest. But in the last 2-3 years, while this is still the case, the gap between Apple and flag-ship competitors on the Android side has narrowed significantly. They lag on somethings too, such as late-to-the-game screen size increases where either aesthetics or inertia give them a blind spot. Or maybe its that the Android ecosystem forces a lot more feature variation because there's so many more handset manufacturers. I don't know.

It just seems like Apple is now competing mostly on market-hyping novelty features, and that's a hard game to win in for very long. I'd be very bear-ish on Apple if 1+ years pass without something a bit more wow.