Actually majority of Apple's cash is invested in long-term and short-term securities so they are protected from inflation.
I don't think Apple will pay a dividend.
1. the Massive increase in Apple's stock price is more than enough compensation for shareholders. A dividend will just be drop in the bucket compared to the capital gains investors are going to earn in the next months or years. Paying dividends at this stage is a waste of money.
2. Apple's PE is around 16. AAPL is still VERY cheap. Compared to Google(20) and Amazon(134), both companies not nearly as profitable as Apple.
3. There is still a lot of room for growth (TVs, China, NFC, etc.).
4. Stock buybacks is more tax-efficient compared to paying dividends since the investors will have to pay the 15% tax rate if they get paid dividends.
5. Share repurchase may FURTHER increase stock price since it will increase EPS, ROE (Return on Equity) and ROA (Return on Asset) and decrease PE. Improved financial ratios will make the stock look even more attractive to investors.
CONCLUSION:
Given these 5 factors. I believe Apple WILL NOT pay a dividend.
Apple will instead perform a share repurchase.