"Their margins are insanely high (35–40%)." I haven't looked at Apple's 10-K ... ever. But assuming you are talking about net profit margins - yes that is crazy high, but not completely out of the question for vertical distribution companies. They run their own stores and 30% of their revenue comes from their stores, brick and mortar and online. If they weren't showing that level of net profit margins, I'd be even more concerned.
Founder of Bloomers Island. Published children’s book author at PRH. Writes about big kid’s stuff like economics & business, too. TheProjectConsultant.com.