Apple.....what is your bull case from here?

The last few years apple has been a trade for me. When everyone hates it I buy and vice versa when everyone loves it. But fundamentally I have not been able to get behind it to make it an investment. When I am bailing it is running up. But when I take a look under the hood it reminds me of a utility company in the southern states. Subscription business on installed base reminds me of electric demand on say Duke Energy, natural growth due to population migration. Basically steady money which no one is leaving. I know apple is asset light and no real debt unlike utilities. but it also carries a crazy high multiple.

I get people love the products and the base does not leave. But in investing you are always trying to figure out where the puck is going not where it is. So I am struggling to understand where apple fits in to ai and how it benefits them in the future? Clearly investors think they have a central roll, what am i not seeing for apple and future growth?