Here's one answer
Shares are worth what the market estimates a company is worth, divided by the number of shares. That estimation is based on assets, liabilities, profits, future growth, and other factors. Most tech stocks are worth about twenty times their earnings, plus their cash pile, modified by what the market thinks future earnings will look like.
Dividends are just one way for an investor to make money. The other is for the value of the stock to increase. Stock increases are generally considered better, because capital gains tend to pay fewer taxes than income. I'd get to keep more money if I sell a share at $1 more than I paid for it, rather than have that share pay me a $1 dividend.
So, at least in theory, a dollar is worth more sitting in Apple's bank than it is paid out in a dividend. But ideally, Apple would figure out a way to invest that dollar to create even more company growth.