Apple Ramps R&D to 10.3% of Sales Amid AI Urgency After $100B Buyback

Apple escalated R&D spending to 10.3% of March-quarter revenue, up 34% YoY, signaling AI race urgency while keeping capex low at $4.3B for H1 fiscal 2026. This follows stellar fiscal Q2 results with 17% revenue growth to $57B iPhones and record $31B services, prompting a $100B buyback authorization, 4% dividend hike, and $82B H1 cash flow enabling $45B shareholder returns. Earlier momentum built from a 108% five-year stock rally, Buffett/Griffin endorsements, record quarters despite costs, and analyst Buy upgrades to $311 PT, driving shares to $285.62 near 52-week highs on CapEx-lite AI optimism.