You really think a company that sells electronic fashion accessories is immune to changing tastes or tides of business? Buy plans for a perpetual motion machine lately?
My iPhone doesn't feel like a fashion accessory -- it's one of the most useful devices I own. And I am sure that many people feel the same about their iPads, iMacs, Mac Pros, and MacBooks.
Apple is a superb business and calling it a bubble, lumping it in with so many of the fly-by-night tech stocks on the market is unfair, IMO.