[est31]

Obligatory Peter Thiel statement on this (2012): https://youtu.be/2Q26XIKtwXQ?t=195

> Google is no longer a technology company, and [...] it's basically [...] a search engine. The search technology was developed a decade ago, it's a bet that [...] no one else will come up with a better search technology so you invest in Google because you're betting against technological innovation in search, and it's like [...] a bank that generates enormous cash flows every year but you can't issue a dividend because the day you take that 30 billion and send it back to people you're admitting that you're no longer a technology company.

Still relevant today.

[kmonsen]

It's also not true, Apple is paying dividends and still valued as a technology company (and both Google and Apple clearly are in tech, dividends or not).

[microtherion]

As Marc Andreessen memorably put it, Apple is valued "like a steel mill going out of business", with a PE massively lower than Google, Microsoft, Facebook, etc.