Apple Retests Its Consumer IQ

Gates, of course, is not an unbiased observer. Yet it's hard to deny the success his company and its allies have had against Apple, which could be another factor in the chipping away at the current exuberance surrounding Apple shares.

In fact, that already may be happening. As of Jan. 10, investors were short 15.6 million shares of Apple. Although that represented just 3.9% of the company's float, the short interest was up by more than a million from a month earlier.