A giant cash pile earning 2% a year is not compelling for investors. AAPL has very high growth expectations priced into the stock which they somehow need to continue to meet.
P/E can be argued both ways - Exxon has a P/E of 10.43, and over a 5-10 year timeframe, Apple probably has a riskier income stream than they do. AAPL's rev is highly dependent on 2-3 trendy, high-growth, high-margin HW products, competing in markets which barely existed 5 years ago.
When's the last time you bought electronics from Sony?
"Very high growth expectations" is what the OP referred to, not sustainability of income stream. Of course Exxon has a lower PE, do you really expect a high growth rate for them?
UPDATE: Why do you keep changing your post? Just reply to my comment instead of changing your comment.
My point is that Apple stock seems priced based on revenue and growth expectations which are probably unrealistic in the long term.
The fact that you can find other tech companies with a higher P/E doesn't prove or disprove that either way. Market irrationality is not limited to 1 stock at a time.
"... seems priced based on revenue and growth expectations..."
Seems based on what? One method, and probably the most popular, is to look at the PE ratio, which for AAPL is a low value, not in comparison to other tech companies, but in general.
Your opinion that there is growth expectations priced into the stock must be based on something, but it's definitely not PE.
