The thing I find about Wall Street (and in all honesty, quite a number of naysayers here) is that they seem to have this weird fetish with market share. That's why they tend to overvalue companies like Netflix or Uber who grew very quickly early on even though it wasn't clear how they would ever become profitable.
At the same time, Apple grows slowly and methodically, while taking their time to release products which go on to be insanely profitable and vacuum up the lion's share of profits in their respective markets, and they are punished for it simply because they aren't reinventing entire markets every other day, or hoping on whatever new tech trend seems to be the buzzword of the week (remember VR and voice assistants?), or flitting from one tech project to the next like a butterfly with ADHD (didn't Google just shutter another project this week?).
I am beginning to suspect that the whole streaming scene is headed towards one giant bubble that is waiting to burst. The massive amounts of money that these companies are spending simply doesn't seem sustainable, and companies like Netflix seem trapped in a vicious cycle where they essentially have to keep reinvesting every last cent of their profits towards churning out new content to keep users subscribed, which kinda defeats the whole point of turning a profit in the end. It's like Spotify who pays out 70% of their revenue and continue to subsidise the free tier, so they haven't been able to reap the benefits of being as huge as they are.
The only ones left standing might be Amazon (who becomes the de-facto cable streaming service), Disney, Comcast, and yes, Apple. I foresee Netflix eventually being acquired by some other larger company (unlike to be Apple, but who knows, Netflix's net worth just might tank low enough to make it a "heck, why not?").
Netflix is far from invincible. I think it's time we stopped overrating the competition while being so negative about Apple and putting down everything that Apple does, just because.