Is $AAPL Overvalued?

$Apple (AAPL.US)$ is quietly become one of the biggest companies in the world. If their share price goes up further, their market cap will be worth $3Trillion Dollars!. It is bigger than the ENTIRE GERMAN EQUITY!

Isn't that crazy?

One place to stay off with is did fundamental changed over the last 2 years for it to be valued at where it is today? Personally, I think it is a no.

Another reason why valuation is steep now is because the #Metaverse effect is being priced in. However, I believe that $Apple (AAPL.US)$ might not be in a good position in the #Metaverse for the folowing reasons.

1. Questionable Game Changer?
AAPL used to be the game changer for phone. Steve jobs wanted to make lives better by putting a revolutionary product in the hands of consumers. However, iPhones (which accounts for ~50% of revenue) hasn't had much improvements over the years. I believe Tim Cook is more of an optimizer than a visionalist.

2. CAPEX Spending
The amount of money spend on developing for the future don't lie. You can't innovate without investing.
$Apple (AAPL.US)$ TTM Revenue is USD365,817M(TTM). The amount spend on CAPEX is USD11,085M. $Amazon (AMZN.US)$ TTM Revenue is USD457,965M TTM). The amount spend on CAPEX is USD56,941M. $Meta Platforms (FB.US)$ TTM Revenue is USD112,330M(TTM). The amount spend on CAPEX is USD17,811M.

Apple CAPEX pales in comparison to Amazon. Even though Facebook revenue is just 30% of Apple, they are spending 60% more than Apple. I doubt Apple will the capability to build #ElectricVehicles at this stage.

3. R&D Spending
R&D % of Revenue
$Apple (AAPL.US)$ : 5.99%
$Amazon (AMZN.US)$ : 11.1%
$Meta Platforms (FB.US)$ : 20.31%
I believe AAPL focuses on branding and their ecosystem rather than innovating technology. AAPL may be the hardware of the#Metaverseworld through AR on iPhone cameras. (Hints on $Kopin (KOPN.US)$ ). However, based on R&D spending, they are currently not very competitive.

What do you think?