Building out hugely profitable services as the lifecycle of technology refresh slows has been a huge part of Apple’s recent success.

Also making huge gambles on things like M1 / Apple Silicon show that Apple is still innovating and leading the way - even in spaces that were starting to be stagnant.

Let’s also not forget hugely profitable hardware lines under Tim such as Apple becoming the number 1 biggest watch retailer by revenue, and dominating the wireless earphones market (which it pretty much established itself too).