Ok, let’s compare with Amazon then. They are also able to capture an enormous amount of value despite being in a very competitive industry (retail). They also a

Ok, let’s compare with Amazon then. They are also able to capture an enormous amount of value despite being in a very competitive industry (retail). They also are doing other things beyond retail (AWS). It can be both a bubble and people can also be failing to make the right comparisons. Apple and Amazon have both been in bubble territory before. Eventually their valuations were justified.