Stock market is responding to Apple behavior. Stock market was perfectly okay with Apple not doing yearly releases before the iPhone. The stock market was perfectly okay with Apple not doing yearly releases of MacOS during the iPhone era. The stock market was totally okay with Apple not doing yearly (or predictable) hardware upgrades on anything but iPhone.

The stock market can easily be taught anything. And Jobs didn't even care about stock market, or stock holders (Apple famously didn't even pay dividends for a very long time), or investors (regularly ignoring any and all calls and advice from the largest investors).

You need political will and taste to say a thousand nos to every yes. None of the senior citizens in charge of Apple have that.