This narrative is primarily based on Ben Thompson's (Stratechery) view that Apple has transitioned from being a product-driven company to a services-oriented one. While the iPhone remains central to Apple's business, hardware differentiation has plateaued.

Update 27th Jan 2025 My original narrative was primarily based on Aswath Damodaran's Nvidia narrative and valuation. The recent news from DeepSeek further supports this narrative.