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Apple was the first publicly-traded U.S. company to break through the $1 trillion market capitalization barrier, but in addition to O’Leary, some investors worry that its valuation was a precursor to a significant drop ahead, which is now materializing. O’Leary forecasted a decline if Apple was unable to sustain innovation of its popular iPhone.

“You don’t have to innovate bleach. You have a brand, you maintain it in the customer’s head, but you have to innovate the phone every year,” O’Leary added.

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