Apple's value isn't just dividends. They have literally hundreds of billions in cash, about 25% of their market cap. They have vast other assets, both material and otherwise (the brand alone is worth real money). Their revenue is over $300B per year, and net profit is nearly $100B. And they post numbers like this year after year. Apple's value is real and obvious, and given the liquidity and sustained numbers, it's also correct. There's no bubble component at all.