I also don't think of them as a straight technology company, but more of a best of breed product company focused on a great user experience. In that sense, high risk, long term investments that don't have an immediate application don't fit their profile.
When Apple reported Q3 earnings this year, Tim Cook said that the services revenue would be "the size of a Fortune 100 company by next year."[0] Revenue was ~6 billion in Q3, up 19% from a year prior. That comes out to roughly 20 billion a year.
When I saw everyone playing Pokemon Go and buying coins and what have you, I thought of Apple taking a 30% cut of every transaction...
The service revenue really is the strongest case for being a bull. Of course this is just my own personal opinion. I own the stock and I'm long on the prospects. I also love the products. Also so much cash!
Apple has its own OS, compilers, IDE, 2+ languages, various frameworks etc. This is more than what Google, more importantly used a lot by people. But yeah it just a hardware company.
Technology is broader than just software (though I'm not implying you said it is just software). Apple is a phenomenal technology company - their hardware + software integration is unmatched and they have made advances in everything from software to hardware to supply chain optimization to manufacturing technology.
Also, they are ( or at least were) a prime example of a company that can bet on high risk, longish term investments that don't have an immediate application : e.g. their investment in chips, touch technology etc. It may not be as long term as some of the Google X stuff but I don't think it is fair to call them averse to making high risk long term investments.
