Take a look at the relative growth of Qualcomm‘s market cap, revenues, and earnings since 2005 as presented at the company’s annual meeting last month.    No bubble in the stock price here.

The big question is:  has the massive monetary stimulus over the past five years juiced the company’s fundamentals, which are unsustainable as policy is normalized?   We suspect a little, but think Qualcomm has legs in the “internet of everything.”

We thought Apple’s stock price wasn’t a bubble as it always looked cheap even at the top,  but discovered the painful truth the parabolic demand for its products, i.e., fundamentals,  were unsustainable.  Recall the stories of people not paying their mortgage in order to free up funds to buy an iPhone.

(click here if charts are not observable)