Apple announced that its board has authorized a stock buyback plan on Thursday, May 4th 2023, which allows the company to repurchase $90,000,000,000.00 in outstanding shares, according to EventVestor. This repurchase authorization allows the company to buy up to 3.4% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's board believes its stock is undervalued.