FX.co ★ Apple unveils $110 billion buyback plan

Interesting news came from Apple. The IT giant announced the largest share buyback in US history. The board of directors also approved an additional repurchase of securities. The indicated amount of $110 billion looks massive.

According to estimates, the iPhone manufacturer broke its record. Research company Birinyy Associates, which has been monitoring share repurchase statistics in the US since 1999, reported that the tech giant announced a $100 billion buyback of securities in 2018. Later, in 2021, 2022, and 2023, Apple announced buyback programs of $90 billion.

Tim Cook, the company's CEO, said that the tech giant had a plan to develop generative artificial intelligence (AI). This statement has caused a stir over the iPhone maker's upcoming offerings. At the same time, Tim Cook said that the company’s management was optimistic about the future and welcomed the possibilities of AI. “We believe in the transformative power and promise of AI, and we believe we have advantages that will differentiate us in this new era, including Apple’s unique combination of seamless hardware, software, and services integration,” Chief Executive Officer Tim Cook said. The corporation is currently making significant investments in innovative technology.

However, Tim Cook did not reveal details on how Apple would differentiate itself from major technological competitors in the field of AI. Since the end of 2022, the company has not presented any generative AI products. At the same time, its competitors, namely Amazon, Google, and Microsoft, are steadily conquering the digital market. These companies have launched chatbots in mass production and are also engaged in the development of engine-related innovations.

Earlier, Apple reported high revenues, which exceeded all the forecasts. At the same time, iPhone sales fell by 10% in annualized terms. In the near future, namely in June 2024, the company is going to organize a large-scale event. This will be the WWDC developers' conference, which will be the launching pad for the implementation of projects in the field of generative AI.