Apple’s (NASDAQ: AAPL) extraordinary earnings will almost certainly help lift the US stock markets. They may be a false positive as far as earnings and prospects for most other tech companies are concerned. Apple’s position in the consumer products universe remains singular, and to assume that its numbers mean anything for most of the balance of the tech industry or American economy is a mistake.
Even people with the most modest discretionary income appear ready to spend that income on Apple products. The observation has been made time and time again that Apple’s effect on the movement of the NASDAQ is too large for the index to be a useful measurement of the prospects of its members. The same holds true for any measure of the prospects of almost all other US public companies.