Apple’s $90bn share buy-back is a reminder of US tech giants’ domination

In effect, the iPhone maker has the equivalent of an entire BP lying around as spare change

Apple's trading figures for the first three months of 2021 were a collection of astonishing numbers. Revenues for iPhones, a product that was supposed to have peaked a couple of years ago because Apple was pushing prices too high, rose by two-thirds to almost $48bn. Sales from iPads were up 79% and Macs were 70% better. Even the relative backwater of wearables", meaning watches and headphones and suchlike, improved by a quarter.

But the most remarkable figure, from a UK perspective, may be one that was almost slipped in casually - a $90bn share buy-back. Think what the sterling equivalent, 64bn, would buy. Only eight FTSE 100 companies are worth more. Even BP is valued at only" 62bn, albeit a notional buyer would also assume borrowings or 25bn. In effect, Apple has an entire BP lying around as spare change, deemed surplus to operating or investment requirements.