Tim Cook yesterday said he was “seriously” considering returning more of Apple’s $137bn cash hoard to investors as the iPhone maker’s chief dismissed a lawsuit from an activist shareholder as a “silly sideshow”.

Mr Cook denied hedge fund manager David Einhorn’s charge that Apple had a “Depression-era mentality” about preserving its cash during an interview at the Goldman Sachs technology and internet conference in San Francisco. He gave the strongest signal yet that more money could be paid out, beyond the $45bn in -dividends and share buybacks to which Apple is already -committed.

Mr Cook said the board was actively discussing “a series of alternatives” and would “seriously consider returning additional cash to our shareholders”. He added: “I think that’s what our shareholders want and that’s what we’re going to do.”