I'm not sure what they'd need the higher returns for; it's not like their investors are clamoring for higher dividends. It wouldn't shock me if Apple's policy

I'm not sure what they'd need the higher returns for; it's not like their investors are clamoring for higher dividends. It wouldn't shock me if Apple's policy of not paying cash dividends (in place since 1995) remains only to spite Michael Dell - but it seems unlikely that the policy will change any time soon, and investors seem fine with that. Given that, it's probably in their best interest to keep most of it fairly liquid so they can move on product ideas and acquisitions.