Apple has announced its largest-ever stock buyback, putting its massive capital-return program back in the spotlight. The move underscores Apple’s commitment to returning cash to shareholders while reducing the number of shares outstanding. Buybacks can support earnings per share over time when a company repurchases shares at attractive valuations. But the bigger question is whether Apple’s continued capital returns can offset the challenges facing the company, including AI investment, competition, regulation, and the upcoming CEO transition. Is Apple’s massive buyback a bullish signal for AAPL, or should investors focus more on the company’s future growth?