Not only that, but quarter-to-quarter investors and activist hedge funds often bully companies (tech or otherwise) to issue dividends and/or conduct buybacks in

Not only that, but quarter-to-quarter investors and activist hedge funds often bully companies (tech or otherwise) to issue dividends and/or conduct buybacks instead of investing for the long-run. Google and Amazon are rare cash-cows able to support earnings growth and continue to invest for the long term, and even they get pressure to spend differently.