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Apple is at all time highs with a share price of $303 and a market cap of $1.3 trillion. If you had bought the share one year ago you would have doubled your money. Just astonishing considering the size and scale of the business.
Why has the stock rallied so much? Many people are citing a resurgence of popularity in China. That may be a piece of the puzzle but don't underestimate how well the services business has done.
According to this Newsroom Article, The App store is thriving. Between Christmas and New Years eve 2019 $1.4bn was spent on the app store, a 16% increase over last year. Since it's inception in 2008 developers have made over $155 billion on the store, one quarter of that was made just last year.
Apple music is also thriving and Apple TV+ is starting to make waves in the content race. Apple arcade, news, podcasts, card, pay and iCloud are more services they are selling to their 1 billion active devices. What an incredible business. We still believe it has legs.