Apple Stock: It Could Benefit From Higher Interest Rates

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Wouldn’t high interest rates still have a disproportionally negative impact on Apple’s large debt balance vs. its cash holdings?
As of fiscal Q3 of the current year, Apple had about $59 billion in net cash broken down as follows:
$179 billion in cash, equivalents, and marketable securities
$120 billion in term debt and commercial paper
Apple’s mix of cash and debt would be akin to someone having money in a checking and savings account, but also carry a credit card balance or have personal loans. This makes sense for Apple, although not so much for individuals, largely because of the complexity of the company’s global operations.
On the cash and equivalents side, Apple owns the following, among other instruments:
$13 billion in cash, $11 billion in money market funds, and $3 billion in CDs
$10 billion in treasuries and $9 billion in corporate debt of short duration
$74 billion in corporate debt, $35 billion in treasuries and agency, and $21 billion in asset-backed securities, all of long duration
As Apple refreshes its portfolio above in a higher rate environment, interest income should improve.
I wonder if investors would ever give Apple enough credit for the income that it can generate from its financial assets vs. what the company produces from operations. The latter is much more likely to drive investor sentiment and, as a result, share price movements.