Below is a chart of the price performance in AAPL relative to the rest of the Nasdaq 100.
Back in 2012 during AAPL's run to 700, it wasn't just about the fundamentals.
It was that the stock became one of the most liquid instruments in the markets. It was effectively a "store of value" for institutions, because with liquidity dropping out of so many other stocks, it was a place to park money that could be pulled out easily and it would still fulfill fund mandates that required a certain amount of stock exposure.
Now the market is pulling back a little, and risk appetite seems pretty full. If demand for stocks heads lower, it would not be surprising if money started flowing back into AAPL again as a twist on a "safety trade."