I've been following Apple since the iPod days, and one thing that always impresses me is their ability to pivot. Their services segment - once an afterthought - now generates recurring revenue that would make most companies jealous. And don't get me started on their wearables division! My Apple Watch (Series 9) has basically become an extension of my body at this point.
When you compare Apple to Google or Samsung, what stands out to me is their ecosystem advantage. Once you're in, you're IN. I've tried switching to Android twice and came crawling back both times. That lock-in effect is worth billions in customer lifetime value.
The market cap is astronomical, sure - but then again, so are their cash reserves. In uncertain economic times, having that kind of financial fortress provides options that other companies simply don't have.
Are there concerns? Absolutely. iPhone sales growth isn't what it used to be (though the refresh cycles are lengthening for everyone, not just Apple). And there's always the China question - both as a market and as a manufacturing base.
That said, I think Apple's current price represents a reasonable entry point for long-term investors. Not cheap by traditional metrics - the P/E of 32.66 isn't a bargain - but quality rarely goes on sale. And Apple is quality.
If I had to guess (and this is just my opinion, not financial advice!), we'll see Apple hit new highs within 18 months as their AR initiatives start to bear fruit. The Vision Pro was just the beginning of what I think will be their next big product category.
