Recession? It looks like Apple Inc. (NASDAQ:AAPL) didn’t get the message.

So, what is Apple doing differently? Apple isn’t putting up massive earnings numbers, but it’s hitting expectations or only posting minor misses. Google’s profits plummeted 27% in the third quarter, and Amazon had weak guidance and a year-over-year decline in net income. 

But more important might be its massive share buyback program. Apple bought back almost $90 billion worth of its shares in fiscal 2022. Apple has spent over $550 billion in stock buybacks since the program began in fiscal 2013. This compares to Amazon's $0 spent on buybacks and only about $15 billion for Google.

But maybe the tides are shifting. Google recently announced a share buyback program of nearly $70 billion for 2023 after seeing the success of Apple’s program. Meanwhile, some estimate Apple’s buybacks will slow as the dividends continue to increase, share buybacks become increasingly expensive, and profits potentially decrease because of the recession. 

This might mean Apple’s winning streak is slowing, while Google could be a value play. But this theory doesn’t account for the drop in profitability and net income for those stocks.

Now is the time to evaluate the market and look for value as investors weigh the potential for a rebound versus anticipation of further downside in the short term.