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AAPL: bubble or collapse of the US?

|Includes: Apple Inc. (AAPL)

I realize this may seem quite negative to those in the euphoria of iLand, but I think the fact this stock represents the 2nd highest market cap in the US is screaming that there is very little hope for the US economy and money is being dumped in a frenzied manner into a handful of stocks, Apple being the number one beneficiary (Google is certainly in that camp and given their diversification, may actually be more justified.)

Don't get me wrong, Apple makes great applications and yes, the stock could go up another $100, but there is something fundamentally wrong with its valuation relative to the US economy.  Maybe one could be tempted to argue that the rest of the market will eventually come up,   There are dozens of companies with greater technology portfolios across a wide spectrum of society's needs (though certainly not as high-profile or marketed with as much panache).  Energy companies, for example, are fundamentally much more important than Apple and yet, only one company has a greater market cap. 

Yes, greater efficiency will result with innovative technology, but it is seems highly dependent on many people being able to waste more of their disposable income of things that really don't matter all that much and more importantly, the bang for the buck in efficiency definitely shrinks with each iteration of technology.  I know more of Apple's income is coming from abroad, but one wonders what it says that non-essential technology is the "leader" of the US market.  It's like technological pop-culture... We distribute movies and fast food around the world without any problem.

Don't be annoyed that someone is questioning AAPL's valuation; think what it must inevitably mean for the rest of the economy.

Disclosure: No position.