Essentially it's true, the market values each companies stream of future earnings out to infinity, discounted back for time to present day value.
The market just has a big dissonance in how it estimates and discounts those future earnings. Amazon is seen as a future huge profit maker, while Apple is viewed as perpetually at risk of a large scale decline in it's recent profitability.
The market just has a big dissonance in how it estimates and discounts those future earnings. Amazon is seen as a future huge profit maker, while Apple is viewed as perpetually at risk of a large scale decline in it's recent profitability.