Apple Inc. (NASDAQ:AAPL)’s long-term potential has been called into question by one analyst who says he can’t see where the company will be in three years. Noster Capital managing partner Pedro de Noronha told CNBC that the technology landscape is extremely competitive and that it could take only two or three years for Apple to lose its dominating position in the market, following in the footsteps of dozens of other tech companies.

apple earnings

iPhone 6 expected to boost Apple

Apple Inc. (NASDAQ:AAPL)’s results edged closer to $100 a share after the company’s earnings report on Wednesday. Most analysts agreed that those results wouldn’t be the big mover of Apple stock, however. Most investors are excited about the upcoming iPhone 6, which is expected to have a larger screen.

The iPhone 6, as well as wearable technology, probably in the form of the rumored iWatch, are expected to be the main drivers of Apple Inc. (NASDAQ:AAPL)’s growth going forward. Emerging markets are also expected to give Apple a boost, particularly China where the company reported a 28% increase in revenues for the June quarter.

Worried about Apple’s valuation

Noronha is one of a few analysts who have become concerned by the valuations placed on technology companies. He doesn’t think that they’re built on fundamentals that are solid. Just this year, Netflix, Inc. (NASDAQ:NFLX), Facebook Inc (NASDAQ:FB) and other technology companies began to lose some of their momentum as investors started to worry about their high valuations. However, these stocks have begun to come back.

The analyst said Netflix in particular has what seems like a “make-believe” valuation because it is so high. He said the video streaming company is simply overvalued.

Nonetheless, others expect technology companies to see even more upside. Digital World Capital founder Antoine Chemali told CNBC that the valuations of tech companies have begun to decline. He now sees the technology industry as being undervalued because these companies have a lot of debt and very little debt compared to companies in other industries. In addition, he notes that the multiples the companies are trading at are quite different when compared to companies in other sectors.