Apple's stock (AAPL.O) surged by 7% on Friday following the company's announcement of a significant buyback plan for its own shares. Apple's proactive approach to repurchasing its stock, combined with optimistic projections for future product sales, reignited investor interest. In a bold move, Apple unveiled plans to repurchase $110 billion worth of its shares, marking the largest buyback program ever undertaken by an American company, as noted by analyst Winston Chua. This announcement propelled Apple's stock value, adding nearly $200 billion to its market capitalization, bringing it to around $2.86 trillion, second only to Microsoft, valued at $3 trillion.

Additionally, Apple revealed plans for product updates, starting with the iPad on May 7th, addressing concerns about recent sales performance. CEO Tim Cook's reassuring words during investor discussions instilled confidence in the company's growth prospects, assuaging worries about stagnation in Apple's innovation pipeline.