EPS is only relevant for a company with no foreseeable change in demand.
Every tech company has a high uphill to remain relevant. Apple's iPhone was/is pretty cool, the Motorola RAZR was pretty cool, the blackberry was cool, Windows XP was pretty cool, Windows 95 was cool... etc etc You can't just sit on what you have and make money. Your against the clock
An oil company similarly has limited oil supplies and must keep exploring, but those don't deplete nearly as fast as relevance depletes does for a tech company (also don't forget oil companies are becoming 'energy' companies as they move away from oil).
Apple's iPhone is already feeling... dated to me. Its weird but when I hold my wife's iPhone 4 it just feels old compared to my Atrix even though the iPhone does many key features better than the atrix and motoblur isn't exactly the spiffiest interface out there. Her home button issues don't help at all (randomly quits working). Eventually she'll get like me and say "well, I'm not buying another Apple product again" after she gets fed up with all its quirks and shortcomings like I did with my iPhone 3G.
Apple's market capital is driven by speculation, but its probably the wrong kind. Some people buy into apple because they think it has a future, others buy into it because it seems to be more resistant against market swings as a large-cap stock and because it's had a long-term growth trend. The rest are bots running an algorithm that will continually drive up the price of the stock until something triggers them to decide the stock is going to go down... Then those bots will drive down the price of the stock when they go bearish on it. It is likely Apple's price/share is too high given their long term viability, but you do have to give credit to the fact Apple has built their long-term income on their iTunes store which people will probably keep on using well beyond when they decide Apple's hardware just isn't the best item to buy with their money.
However, when someone major starts selling songs cheaper than apple while at the same time giving more money to the creators of the content being sold, then I would say apple is in trouble. At that point, creators may stop using apple as a distribution source