Wall Street cheered Tuesday after Apple released a better-than-expected third-quarter earnings report, leading Apple’s shares to surge on Wednesday.

Apple snapped up its own stock, spending $16 billion last quarter of its own shares, purchasing 36 million shares at an average price of just over $444.

Experts are calling this move "Apple’s greatest acquisition ever."

Apple reportedly tested larger screens for its smartphones and tablet this week, which means there could be changes in the works for the iPhone and iPad.

Google threw a few punches at the tech giant this week with its new Nexus 7 tablet and Chromecast, Google’s attempt to gain momentum in the TV in industry.

Chromecast is considered Apple TV’s biggest competitor and Google’s new Nexus 7 tablet, running Android 4.3, is expected to be a big hit.