[Apple VP & FCO Peter] Oppenheimer had heard the request before and explained that Apple is keeping its powder dry for “strategic opportunities,” without elaborating on what those could be, Rao said. The stock had almost doubled in the year before that meeting, and Oppenheimer argued Apple has been a good steward of its cash and investments, currently worth $76.2 billion.
Unsurprisingly, an investor is looking to tap into Apple’s vast cash reserves following Steve Jobs’ demise. Personally I think Steve’s greatest legacy, will be just that: his legacy. Apple will not forget Steve Jobs.
There will be no rash acquisitions. Whatever Apple does with its cash will be consistent with the roadmap Steve and the board will have committed to before he stepped down as CEO. Fear not, Kishore Rao, you can be confident your money is safe.