Re: Not a bad spot to be in
I concur, Tom. Apple's revenue model is already increasingly reliant on the iPhone, and will only grow more so as the (alleged) larger iPhone 6 cannibalizes iPad Mini sales. This poses a few disconcerting facts for Apple: iPad sales (though still huge) are already starting to taper, even before larger-screened iPhones, and Mac remains a (very profitable) niche. Apple gets a lot of revenue from the cloud, meanwhile, but from the outside looking in, I'm not confident Apple has as good a sense of what it's doing there as Microsoft or Google does. App and music sales are still huge, but also largely tied to iOS reliance. One has to worry about Apple's long-term growth potential.
That said, Apple's been refining both the MacBook Air and iPad for a long time, but hasn't delivered a solid step forward in a while. Likewise, Apple has been cultivating its existing catalogue but hasn't launched into a new category, such as wearables. It's about time for Apple to release more than incremental updates, and if it does, the outlook could be pretty great. Apple's alleged upcoming product catalogue includes 4K iMacs, a fanless Retina MacBook Air, iPad refreshes, the iWatch, and an Apple TV refresh. Lots of opportunities for Apple to show it can still innovate, even while protecting massive profit streams and margins. Goodness knows, if I weren't sure these products will cost a fortune, I'd buy several of them.