That's an explanation -- another is that Apple and Google believe that future uses of the resources could yield greater aggregate return (or serve as a bulwark

That's an explanation -- another is that Apple and Google believe that future uses of the resources could yield greater aggregate return (or serve as a bulwark against a downturn). "Cash is a call option with no expiration date" https://www.investopedia.com/articles/investing/042613/cash-call-option-no-expiration-date.asp https://www.investopedia.com/articles/investing/042613/cash-...