Venture capitalist Gene Munster told CNBC on Tuesday that there's been a "paradigm shift" in how investors view Apple.
"We're referring to it as Apple as a service, and that's not reflecting their services segment," the founder of Loup Ventures said in a "Squawk Box" interview.
"This is a concept that the hardware is actually performing like a subscription," he added, noting that Apple consumers often exchange their old iPhones for a newer version about every three years. "If in fact that is the case, I think that the multiple on Apple will go up."
Apple on Thursday became the first publicly traded U.S. company to hit $1 trillion in market cap. It also reported strong quarterly results last week, posting big beats on earnings per share and average iPhone selling price.
Munster argued last month that the leading tech FAANG stocks as a group may not be a safe bet for investors, saying he expects a "divergence" in the next 6 to 12 months.
At the time, Munster said he saw a different path for Apple, Google and Amazon. He said "outperformance" in the technology sector will be driven by those three stocks, particularly Apple.
Munster doesn't expect strong growth from Facebook this year, however.
The social network posted the largest one-day loss in market value by any company in U.S. stock market history after releasing a disastrous quarterly report.
"Yes, Facebook is a behemoth," Munster said, "but I don't see outperformance coming from that name."