2. Deal potential

Apple recorded its biggest deal this year with the purchase of Beats for $3 billion. That shows Apple isn’t afraid to spend in the Tim Cook era, even if his predecessor, Steve Jobs, was averse to buyouts and external talent.

The Beats deal may not transform the business, but considering the company moved $1.5 billion in sales earlier years, it seems very likely to pay for itself via high-end accessory sales packed with Apple’s gadget power. These kinds of deals are necessary for a company of Apple’s size to keep growing.

3. Rotation to quality

One of the big stories in the previous year has been the flight from risky momentum stocks, be they 3D printers or biotechs or fashionable IPOs that have flamed out. Apple is a real company, with real profits, and investors have been seeking out this kind of investment lately over riskier alternatives. The rally among old tech stocks has been conspicuous, with some of the market leaders being semiconductor plays like Micron Technology MU, and Intel INTC.

Innovation remains a challenge and that buzzword “disruption” gives some the heebie-jeebies. But most investors would take an entrenched smartphone giant like Apple over cloud IPO.