I think for a long time Apple could grow by introducing new hardware categories, growing the average spend on hardware (by e.g. moving from upgradable to soldered memory/disks), and additional services.

It has been a while since they introduced category-changing new devices and people hold on to their iPhones/iPads/Apple Watches longer due to smaller changes between generations and long software support periods.

So, the primary way that they see how they could grow is by introducing more ads and more subscriptions. Slowly they make Apple's platforms more gross:

- When searching in the app store, nearly half the page is ads now.

- Pushing F1 movie advertisements through Apple Wallet.

- Ads in maps.

- Pushing subscriptions by putting ads for Apple Creator Studio in iWork apps (Pages, Keynote, Numbers).

- Pushing subscriptions by putting Apple Fitness+ ads in the system setting on iOS (!).

This might work for a while, but eventually, Apple will lose a key differentiator.