[qubex]

Which is interesting, because at its most fundamental the value of a firm should be no different from the net present value of its future dividends (or other monies payable to the shareholders). These are the most fundamental of ‘fundamental’ valuations. Presumably (assuming the Efficient Market Hypothesis or some approximation thereof) investors are convinced that those discounted earnings will be forthcoming, whichever the successor technology may be. This in turn implies they (in aggregate) have faith in Apple’s ability to develop and bring to mass-market at premium prices whatever comes next for several generations.

[al_ramich]

yes, perhaps. Much of that belief is based on the track record. Which in Apple's case is impressive but most of their products are derived from a similar concept which will run its course and will fundamentally change due to tech and user habits. You can easily imagine in the near future (which is also supported by many studies) most information being channeled through virtual assistants with visuals being handled through augmented reality so no need for screens, phones, watches, TVs... I imagine Apple is already investing heavily in all of these but all talk in on the latest release of an iPhone.