AAPL is now less than 5% off of its highs

I guess I'm just interested in hearing from those who are bullish on AAPL at its current price, because I find this hard to understand.

AAPL is now trading a 29 PE which is really high given they're growing slower than the other mega cap tech names, and until very recently would trade with a PE in the mid teens. On the other hand AAPL has a solid balance sheet and they continue to return profits to shareholders via buybacks. I can understand why investors might want to own a company like AAPL given the economic uncertainties, but I'm not sure it's worth a 29 PE multiple. It looks like a stock that should trade with a PE multiple in the low 20s to me.

A lot has changed since AAPL last traded at this level. To name a few: RU invaded UA. The 10 year yield is almost percentage point higher. Europe looks likely to enter recession. Gas prices and other commodity prices have spiked higher. Inflation appears to be more persistant than originally thought. And the FED will likely need to tighten more aggressively than previously anticipated.

Given economic conditions have deteriorated since, what's the reasoning for AAPL to be trading near ATHs again? Have the fundamentals of the business improved so much that it offsets the heighten economic risks? I genuinely don't understand what's so attractive about this stock.