People are too long on Apple - their revenue comes from increasingly fragile sources and in all likelihood their current businesses may not exist in 5 years. Tim Cook didn't skate where the puck was headed, and as a result he's operating a uniquely disadvantaged business in 2025. Their hardware margins are jeopardized by tariffs and their software revenue is mostly backstopped by an illegally monopolized App Store. In a realistic scenario where Apple is deprived of these advantages, no amount of lifestyle branding or privacy prestige can prevent them from being unprofitable.