Samsung is killing it, but Apple still made more money this quarter (and every recent quarter). They are a 6-700 billion dollar company that is growing > 20%. With a PE of 11, how do you short that?
To say that they've peaked is not to say that they're going to fail or flop or anything like this, but I don't see them getting to a $1Trillion market cap without a major disruption in television. To say that they've peaked and that their stock is unlikely to go up is not necessarily a critique of Apple, but an acknowledgement of gravity.
It seems to me that the way the phone business is they don't really need to do anything special at all and they will make about 50 billion profit next year. That makes them undervalued in my opinion, just based on the fundamentals.
Now, do I think they are going to a trillion market cap in 3 months, not at all. But I think at this level they are a much better buy than sell. If only for the dividend that is likely to be growing by large amounts. all this being said i agree that samsung is also a buy. They are selling huge amounts of phones, and they are also selling the components for lots of others (though i think i just read they stopped selling screens to apple maybe?)
But seeing as Apple TV isn't trying anything ambitious, and they've decided to pay all that cash back to investors instead of disrupting new markets, and Samsung is clearly killing it as their chief rival, I also hold the OP's opinion that Apple has peaked.