Apple's services division alone is on pace to generate about $35 billion in revenue this fiscal year - more than all but a few dozen US companies churn out annually.
In the more than four decades since Steve Jobs founded the company in a California garage, Apple has become almost synonymous with personal computing and mobile devices.
"These are the actual shares outstanding able to trade, even though some may be held by insiders, interlocks or others", Silverblatt said. More than $600 billion of Apple's current market value has been created in that time.
Apple's CEO at the time, Gil Amelio, split the company into 7 separate divisions, each responsible for its own profit or loss.
That has raised concerns that Apple has become far too dependent on the iPhone, especially since iPad sales tapered off several years ago.
"Tim and team have done a masterful job of continuing to develop Steve's vision while bringing operational and environmental excellence to every part of Apple's business to achieve their unheard-of scale while continuing to grow unprecedented margins in the consumer electronics business", Fadell said.
1990s: Competitive pressure from lower-priced personal computers from Microsoft running on Windows software, and some failed products, puts a financial squeeze on Apple, which cuts staff and changes top executives. The services division also had a stellar quarter, as Apple Music reportedly took over Spotify to be the number-one streaming service in the world.
If Apple hits a growth wall in coming years, it's not hard to imagine the company facing similar calls to justify its climbing research-and-development bills.
Last month, an ex-Apple engineer was charged with stealing trade secrets from a hush-hush self-driving auto technology project days before he quit to go to a Chinese start-up. The company faced a backlash when it replaced Google Maps on the iPhone with a buggy and unreliable Apple Maps app in 2012.
In 2015, the investor Carl Icahn wrote that Apple's rising R&D spending "should signal to investors that Apple plans to aggressively pursue" growth opportunities. Apple announced $100 billion in stock buybacks on May 1, the largest repurchase ever by a US public company.