"On May 1, 2018, along with its second quarter earnings, Apple announced that it would increase its stock buyback program by $100 billion to $310 billion, by far the largest increase in its already historic record of returning capital to investors. Apple also increased its dividend by 16% to become the largest dividend payer, according to S&P Dow Jones Indices. Apple spent $29 billion and $33 billion on buybacks in fiscal 2016 and 2017, respectively. It spent $33.5 billion in the first half of fiscal 2018, with $23.5 billion of that amount spent in the second (March) quarter alone. Apple said that it had now returned $275 billion to shareholders since 2012, and that it planned to finish its previous stock buyback program in the current third quarter. At this pace, the additional $100 billion could be spent in one year. Analysts believe the heavy emphasis on buybacks will bolster share prices, but some investors wished Apple had found different uses for the cash."

How is Apple able to sustain its already historic record of returning capital to investors? Do you believe that Apple’s emphasis on buybacks or share repurchases will work to bolster its share price? What impact would the $100 billion buyback program have on its earnings per share (EPS)? Would you recommend that Apple consider using its cash for strategic investments, such as acquisitions, rather than buybacks?