Many valid and interesting historical and technical arguments, but unfortunately it takes James Stewart 19 paragraphs (out of 21) to get to the heart of things (emphasis mine):
Global mobile phone subscriptions neared six billion in 2011, with Apple’s share of the handset market at 5.6 percent, according to the market intelligence firm IDC. “There’s no mathematical reason Apple can’t keep growing at a premium rate for at least several more years,” Mr. Cihra said. “At the end of the day, there’s no good reason for market cap to be a ceiling.”
Everything else is considered “gossip” IMHO. It doesn’t matter what the company’s market cap is – that’s for tech blogs’ headlines. All that matters is that Apple is able to produce such blow-out numbers while only having a 5.6% share of the mobile handset market.