Apple has over $90B in long-term investments.... which is where a smart company would put it if they have far too much cash to be able to effectively use in the short-term. Take a financial accounting 101 course
As for the so called Apple "bubble" you speak of, look back on every bubble in the past. Bubbles happen when multiples grow far in excess of actual earnings growth. This has not happened at all with Apple, and Apple trades currently at a step multiple discount to the greater S&P despite higher than average growth prospects. The fact of the matter is that you can buy Apple today and pay nothing for growth despite the very high probability for accelerated growth (Apple is setting records in iPhone and iPad sales, and China expansion will be the next growth space)
Sony just jumped from #6 to #3 for smartphone sales. They will take market share from Iphone and Samsung and they certainly won't be selling Itunes. Sony has a pretty impressive media to offer on their smartphones. Not to mention mobile gaming.