Does there have to be something else? What are the implications of a company growing forever? In 500 years are there going to be only 3 companies because they acquired everything and nothing else makes products?
I suspect that that fact and our beliefs around it are being reflected in market prices, albeit with some heavy discounting for the uncertainty inherent in there still being so many companies out there.
So many people's first instinct to respond by buying more shares of that company, thereby driving its price and market cap higher. That's a reaction that implies that we think that the general trend is toward Buy-n-Large. If we expected regression to the mean to be the driving phenomenon, then we'd be more likely to respond by selling.
(Disclaimer: I'm not suggesting that's actually how things work, just that a lot of us behave as if we think that's how it works, or should work.)
I don’t think there has to be something else. They had $2.18 per share in profit this quarter. Presumably some of that could be used to up the dividend if they really wanted.
Apple Arcade looks surprisingly interesting given they will support PS4/XBox controllers and the trend moves towards streaming gaming. AppleTV+ will do well if they can intelligently bundle it with Apple Music and you never know could have a breakout hit.
AR Glasses and the Apple Car are clearly being worked on given acquisitions but both are many years out.
I like the recent wave of acquisitions. Smart cars? Smart homes? Iterations of Apple Watch - deeper connection to the body itself?
What's next for them?