In these hard times, it will just take one more economic blip to cut Apple valuation in half (Cisco comes to mind) Versus ExxonMobil which is one of the strongest defensive plays of all. When it boils down to buying gasoline to get to work versus buying that new generation IPOD, you know which will win.
Under normal circumstances, one might well think so, especially given the history of tech stocks in general over the past decade or so, but we're right smack in the middle of the Obama Recession/Depression, and Apple is turning in both record sales and profits quarter after quarter. Also, unlike many of the tech stocks that have crashed and burned in fairly recent memory, Apple sells physical product, and folks seem to want to buy them, even though they aren't the cheapest thing on the market.