"You might not want too much Apple, but fighting those trends would be foolish, " Ms. Lubas says.

WSJ: Is It Time to Cut Back on Apple?

"There are so many other things going on with Facebook right now, " said Amy Lubas, technology strategist at Ned Davis Research Inc.

WSJ: Facebook Waits for Index 'Like'

For holders of individual stocks, the best approach is to identify other companies that will benefit from the forces that are driving Apple's stock higher, says Amy Lubas, a strategist at Ned Davis Research, including the mobile Internet, cloud computing and the continued digitization of media.

WSJ: Is It Time to Cut Back on Apple?