$Apple(AAPL)$ The big question is what is there to a smartphone to say there is a moat for Apple? Pretty much all smartphones work, they can be made higher end if needed, all of them are similarly reliable, in short they become just another consumer product, like a refrigerator. But have you seen a refrigerator producer with a 3T valuation? No because it is just a commodity product . So equally no smartphone producer should justify a 3Trillion valuation. Then those companies who have ability to market better and produce in scale would come on top, and I am not sure Apple would continue to be the one.
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