Apple's Cash Kingdom: $106 Billion Returns Make It Investors' Darling

Apple returned $106 billion to shareholders in FY25 through stock buybacks and a 4% dividend hike to $0.27 per quarter. This follows $90.7 billion in buybacks and $15.4 billion in dividends in FY25, with Q1 FY26 cash flow reaching $53.9 billion. The company's shift to high-margin subscription services—like App Store, iCloud, and Apple Music—drove Q2 FY26 Services revenue to a record $31 billion, yielding a 46.9% gross margin and 171.4% ROE. Meanwhile, iPhone sales hit $56.99 billion, and Greater China saw $20.50 billion in revenue. In contrast, Amazon and Alphabet are burning hundreds of billions on AI infrastructure, while Apple's $12.7 billion capex lets it focus on returning cash to shareholders. How will markets react to this disciplined approach?