Trying to analyze the market sans-Apple is a growing sport, given the outsize role the company has in every category in which it resides.
Here's a fun chart from BarCap, looking at the trajectory of tech sector earnings over the last year with and without Apple.
As you can see, tech sector earnings sans-Apple have actually been in decline since Spring 2011.
Of course, you can never perfectly remove Apple, since Apple helps take earnings away from other companies, so presumably a fair number of their competitors would be more profitable if Apple ceased to exist.
Read more: http://www.businessinsider.com/chart-what-tech-sector-earnings-would-look-like-without-apple-2012-3#ixzz1q832YTGk
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