Apple, the tech giant created in 1976 in California has now reached its peaks. The company just recently a groundbreaking milestone of $1 trillion market cap value, becoming the first public U.S. company to reach to that degree. In the year 2007, the founder of the company, Steve Jobs launched his magnum opus, the iPhone. It has been 12 years since then and the iconic iPhone has propelled Apple to the greatest heights. It changed the trajectory of Apple earnings history and had a significant impact on the company’s stock. It started at 12$ and rose, through financial crises, landed on to be at $127.

Investors knew of the rewards but there were risks too.

In 2014, the company promised share purchases and dividend increases as a part of a large capital return program. This proved to be a major reward for the shareholders. Analysts concur that AAPL owes their success to the iPhone. Apple, along with the iPhone has been getting into new ventures over the years. Apple Music and wearables like the famed Apple Watch was a resounding success. They might want to strive to get more products out such as video streaming services, gaming consoles and more wearables.

These launches will make progress in the company but it will not be as rapid as the growth and demand of the iPhones to date. Many conclude that past earnings reflect the future earnings and Apple’s earning history has been fantastic. Moreover, Apple’s trail-to-pricing is quite impressive and it gives an equally impressive valuation to the company.

While the rewards look really good, investors often overlook the most obvious risks while investing. It’s quite difficult to challenge the risks against the growing stock appreciation over the years and the rewards.

But the iPhone is again the target for the near-term risks. The launch of iPhone in China was a major step but it backfired and now the company is stuck in a major turf war and Apple has since been banned in the country. Minor retardation in the growth of iPhones or the smartphone market could mean an augmented loss in the company as it is so hugely reliant on the sale of the iPhones.

Though Apple has been on an innovative streak and has been launching an array of products, mostly in the past few years. The future growth is very dependent on new launches and products that would be revolutionary. There are many analysts that wonder is the company returning its cash and not investing it into research.

It is safe to say that Apple is a smashing success of a company and the epitome of growth and innovation as it captures all of the technology and reinvents it in its own Apple way with the Mac Series, iPhone, iPod and iPad products. The consumers want cutting edge technology with the newest products and Apple is delivering it to the consumers. Technology will keep advancing and the only risk is that when the new major wave of it comes rolling in, Apple won’t have anything like iPhone to keep them floating.