No need to make it about Apple vs Google or some newspaper narrative. In a world with negative short rates, money essentially becomes a "bad" (or negative good)

No need to make it about Apple vs Google or some newspaper narrative. In a world with negative short rates, money essentially becomes a "bad" (or negative good). Ceteris paribus, companies who deliver a lot of it today or in the immediate future will be valued less than those with cash flows farther out. I still think the market is making a mistake here, in that the real difference between Google's and Apple's investment projects is not in their nature ("moonshot" vs "mundane") but in their PR. Google just talks more about them. Given that investors think that Google's stream of cash flows is weighted towards the future and Apple's to the present, though, it makes sense that in the current rate environment valuations are as they are. See also Facebook, Amazon, or Netflix. No need for grand narratives about the relative merits, product and management philosophies, or management personalities. That said, I disagree with the market and am betting this is a bubble that will pop soon.