Every year when Apple makes money, the first thing it does is buy back its own stock and then cancel it.
After cancellation, they start driving up the company's stock price. When the stock price rises to a certain level, they split each share into four or five shares.
The company's big boss, who originally held one million shares of Apple Inc., sells off four million shares after the split, once the stock price goes up, and still retains one million shares.
This way, they've completed the arbitrage.
Others have no arbitrage opportunity, because they don't know what Apple Inc. will do; only the core personnel know.
They must have measured the entire market's funding situation before making their decision.
They will certainly ensure they earn more profits, otherwise they would wait.
From time to time, they sensationalize a black swan event, creating a sense of panic...
