My 2 cents:
Another dimension to the Apple stock freak-out is the good old expectations-reality gap that people keep attributing to millennials. While the “next iPhone” doesn’t present itself (and while the current iPhone sales has Wall Street skeptical) Apple has pushed the envelope in potential “next iPhone” markets: wearables and now television. It’s not like Apple TV is new, but as we can see, Apple TV is about to get Apped Up. If you consider the rise of chord-cutting, casting, and the over all rise of media streaming, people are going back to their beloved TVs for the most complete entertainment package to date. TV-land is full of competition and substitutes, but no one has cracked the universal entertainment platform code yet, and it looks like Apple is committed.