What is Apple spending money on?

Apple has often been criticised for going easy on M&A but it has been busy on that front. It's not just buying companies but also investing heavily in capital equipment.

Although discussions related to how Apple will “use its cash” centre on acquisitions of companies, Apple’s has been busy acquiring, just not companies. It has been buying capital equipment. Capital meaning (in the original sense of the word) the means of production.


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