[greedo]

"More generally, we're seeing a transition in their financials away from hardware dependence."

Nonsense. They make 72% of their revenue from hardware, and without those hardware sales, the Services category would be nil.

[JKCalhoun]

Yes, but their hardware growth might have "ceilinged", services is likely where future growth will be.

[greedo]

Services is really just Google's baksheesh plus corrosive game mechanics. Without the hardware, there is no Services. Hence Apple will always be dependent on maintaining a large lead with their devices.