experienced a significant surge on Friday following the tech giant's impressive first-quarter results and the announcement of a massive $110 billion share buyback program. Shares of Apple, based in Cupertino, California, recorded a notable 7% jump in response to the positive developments.

Apple surpassed expectations by reporting earnings of $1.53 per share, outperforming the estimated $1.51. Moreover, the company's revenues of $90.8 billion also exceeded the projected $90.4 billion, further impressing investors. The stock received an additional boost from Apple's plans to repurchase $110 billion worth of shares, surpassing the previously announced $90 billion buyback program.

Despite experiencing declines in revenues for five out of the past six quarters, Apple sought to reassure investors by indicating that growth in the low single digits was expected for Q2. Analysts, therefore, view the company's comments as a positive sign of potential long-term improvement.

Apple's stock is held by 458 ETFs, including significant weightings in popular tech funds such as the $63 billion Vanguard Information Technology ETF (VGT) and the $62 billion Technology Select Sector SPDR Fund (XLK), with both allocating over a fifth of their portfolios to Apple stock. Additionally, the popular $250 billion Invesco QQQ Trust (QQQ) carries a significant 8.5% weighting in Apple's shares. Consequently, the news of Apple's buyback and strong results caused all of these funds to experience gains.

For more aggressive traders seeking concentrated exposure to Apple, the $60 million Direxion Daily AAPL Bull 2X Shares (AAPU) provides an opportunity for increased potential returns. Midday Friday, this fund recorded an impressive 13% jump, twice as much as the gain seen in Apple's shares.

Leading up to the release of its first-quarter earnings report, market expectations for Apple were relatively low. The stock had witnessed a decline of 10% since the beginning of the year, significantly lagging behind the S&P 500's 6.2% return. However, following the substantial surge on Friday, Apple's losses for the year have now been reduced to 4%.

Concerns had previously arisen about Apple's performance in the Chinese market, with industry checks suggesting a significant loss of market share for the iPhone. Although Apple's China revenue dropped by 8% compared to the same period last year, the company attributed this decline to decreased sales of other products rather than the iPhone. Apple CEO Tim Cook emphasized that iPhone revenues in China had, in fact, increased, bringing a sense of relief to the investors.

Overall, Apple's strong Q1 results and the announcement of a significant stock buyback program have injected renewed confidence in the tech giant, resulting in a notable boost for Apple ETFs and its overall stock performance.