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Apple as a company. Obviously the public holders care, it affects the extent to which they're taxed on investment income but they're living in the states so it doesn't much matter what company they're getting their dividends from, they're going to pay the same rate.
All in all the reason I think dividending out the war chest is stupid is... what does it gain them? The share price might go up in the short term? Okay, but why do they care about their share price; it's in no danger of falling off anyway. Not to mention once the dividend is paid it'll just go back down to where it was before. Meanwhile, you could instead buy a bunch of IP or do more R&D or... yknow, invest in things that might produce another large-earning product. Apple could make TV's or something, I don't know, this just strikes me as a waste.