Despite posting its steepest quarterly decline in iPhone sales since the beginning of the pandemic, Apple's stock surged Thursday after the company announced a 4% increase in its quarterly dividend and a $110 billion stock buyback plan.The sales slump is increasing the pressure on the trendsetting Cupertino-based company to spruce up its products with more artificial intelligence.
The stock price has fallen 10% so far this year, erasing about $300 billion in stockholder wealth.Although investors have been dismayed by the weakening iPhone sales, they are also concerned Apple may be losing its edge as other tech giants such as Microsoft and Google sprint out to the early lead in artificial intelligence technology that is expected to reshape the industry and technology.
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