[foobar2020]

They do, if though nothing else then through multi-billion acquisitions. Another thing is that we all know crises come every now and then. Being tight on cash when it hits the market means you'll have to let talent go to your competitors, slow down infrastructure growth, reduce research freedom.

[snewman]

Sure, these are reasonable arguments, which are commonly used. Clearly this justifies holding on to some cash. But I question whether it justifies holding on to this much cash. At some point it has to reach diminishing returns.

[gozur88]

The problem with spending it on acquisitions is once you reach a certain size buying other companies becomes difficult due to regulatory concerns.