The risk, or "Black Swan" event, would be if growth in services—currently at around 12-13%—is disrupted by regulation. This concern was raised during Apple’s and Google’s recent calls. Services are doing well because their user base continues to grow, setting record highs. There’s a small chance—around 10-15%—of a disruption between Apple and Google over their search placement deal on Safari, which contributes significantly to Apple’s income. That’s another key area I’m keeping an eye on.