Apple spent nearly $100B on product innovation in last 5 years: Report
business-standard.com
business-standard.com
It's true they developed a processor architecture, but they aren't even responsible for the fab. The total equity of TSMC is like 80 billion. It just makes no sense.
"During the year of the iPhone's launch, AAPL jumped from $75 billion to $100 billion in market cap."
https://www.thestreet.com/apple/stock/1980-to-now-the-journe...
Also, the M series processors are absolutely innovative.