If you follow my writing here or elsewhere, you know that Apple (NASDAQ:AAPL) is one of my favorite stocks to follow. As a leader in technology innovation, the company has grown to become the largest company in the world by market capitalization. However, some experts are starting to become worried; arguing that Apple may soon become a victim of its own success. The argument is essentially that iPhone 6 sales were so good that the company is going to have a hard time outpacing itself moving forward. Today, we'll take a look at the argument from both sides and see if Apple has indeed hit a plateau. So, let's get right to it…

The Argument That Apple Has Reached A Plateau

There is no denying the fact that Apple's core product is the iPhone; a product that generates the vast majority of the company's earnings. Unfortunately however, that's part of the big picture with regard to the plateau argument. Recently, Andrew Uerkwits of Oppenheimer summed up the argument pretty simply, stating…

“Over the next nine months, we expect investors to doubt if Apple can deliver the same growth with quarters of tough comps ahead. In fact, we believe some will argue that Apple will record its first year-over-year decline of iPhone sales in FY15. This could put pressure on the stock as investors may start to believe that the iPhone growth story has run its course.

As you can see, the argument is relatively simple. With the iPhone 6, Apple smashed sales records and grew at 2.5 times the rate of growth in the overall market. Keeping the success of the iPhone 6 in mind, in order for Apple's stock to see massive growth this year, they'll need to generate sales numbers that are better than their astonishing performance with iPhone 6. If they can't do that, the miss will trickle down to the stock; ultimately causing declines.

The Argument That Apple Will Continue To Grow

When it comes to the “Apple will continue to grow” argument, the iPhone is just a part of it. Here's what those who believe Apple's stock will grow are saying…

• iPhone – With regard to the iPhone, those who believe Apple will grow argue that over the next 2 to 3 years, iPhone users will need to upgrade to new versions; which should drive sales. They also tend to point to the amazing growth in market share the iPhone is currently seeing in China. As a matter of fact, in the first calendar quarter of the year, iPhone sales in China grew by around 70%! There's also a big push with regard to the ecosystem that revolves around the iPhone. For instance, the Apple Watch is expected by many to prove to be incredibly popular. However, some capabilities of the watch can't be taken advantage of without coupling it with the iPhone. All in all, the bulls are arguing that there are several reasons that the iPhone is likely to see growth moving forward.
• Wild Card Growth – The Apple bulls are also making it a point to look past the iPhone to see what else Apple has in store. For instance, bullish investors are expecting Apple's streaming TV service to be a big hit; and they're expecting to see growth coming back to iTunes. Neither of these services seem to be mentioned in bearish posts around the web.

What I Think We'll See

To be honest, I can agree with both sides of the argument. With the massive growth we saw in iPhone sales as the result of the iPhone 6 launch, there's no doubt in my mind that the company is going to have a hard time outpacing itself in that respect. While there is data that supports the fact that iPhone users will need to upgrade soon, China market share is rising, and Apple's ecosystem is growing, I still think that the company will run into some trouble as a result of its own success. Nonetheless, on the bullish side of the coin, I also think that it's important to look at this from all angles. If Apple's streaming TV service does launch soon, and it is a hit, we can expect to see growth in the stock. Also, if the company's work toward growing iTunes works out, that will lead to growth too. With all of that said, I think the next earnings report is going to be a bit of a shocker to both sides. While it's not likely to be as bad as bears think it will be, and I don't think we're going to see missed expectations, I also don't think that Apple will be blowing away any expectations in their next earnings report either.

What Do You Think?

Do you think Apple is going to be a victim of its own success? What are your thoughts on the iPhone, TV service, and iTunes? Let us know in the comments below!