Apple doesn't face an existential threat from Amazon, Microsoft, or Google as discussed in Bluesea Research's article.
The company remains strong in the MacOS and iPhone markets, and additionally, the Macbook Air is a small % of sales.
Additionally, the Home pod was never a true success, meaning its failure isn't an existential threat and it's more than made up for by a growing wearable sector.
Apple has a massive installed base of people that love iOS and MacOS and Watch OS - that won't change anytime soon.
Apple is finally figuring out how to monetize this installed base - Service and Wearable revenues have increased dramatically - this will continue to reward investors.