The size of these buybacks is quite incredible as they have reduced the Number of Outstanding Shares by 50% in the last 7 years. https://www.macrotrends.net/stocks/charts/AAPL/apple/shares-...

I agree that this is stabilizing the stock price. I also think that they are still spending plenty of money on innovation, it's just that they have too much money to know how to spend it appropriately.

The stock is an incredible value (even still) because share repurchases and dividends continue to occur and they continue to make tons of money. And it will benefit from upside when they have another hit. Yes, I am long.