That can’t continue growing selling more iPhones, at least beyond single digit growth.
As much as I like getting a new iPhone every year, I think most of the world isn’t nearly as excited. That’s going to hurt revenues, and the stock at some point.
Now their PE is 18, so the market is expecting Apple to grow a lot faster in the next 5 years than it did in the last 5 years.
https://ycharts.com/companies/AAPL/pe_ratio
We'll see if the market gets it right this time or at least not as horribly wrong as in the past.
You could say that everyone has higher growth expectations, or perhaps capital is just cheaper?
But I don't think it's growth expectations that are driving stock prices either. It feels more like investors shudder at the thought of owning any of the alternatives to US blue chips.