Apple makes most of the money, others make most of the phones

Apple collects 2/3 of the profits but produces less than 2/3 of the phones. The last three years transformed the picture.  Think "Smartphones". Can Apple shares be fully priced?

Related story:  More than a third of consumers plan on buying an iPhone 5 despite not knowing anything about it. 

Related story:  Apple Has More Cash On Hand Than The U.S. Government.  That comparison may set the bar too low.