> An alternative explanation is that Google has a very high option value for the cash, which more or less implies they see a lot of acquisition and investment o

> An alternative explanation is that Google has a very high option value for the cash, which more or less implies they see a lot of acquisition and investment opportunities in their not so distant future. A lot. But don't they have $37 billion in cash already? I think the critical point is that a lot of that cash is overseas, subject to taxes when brought back home.