Companies don't invest off their stock price, they invest off their balance sheet, or by borrowing money. All these companies have plenty of cash at hand and ca

Companies don't invest off their stock price, they invest off their balance sheet, or by borrowing money. All these companies have plenty of cash at hand and can borrow at historically low rates. Venture capital investment is flashy and gets the press, but there's lots of other money that wants more predicable returns. There was around $600B of VC invested in 2021, but Intel alone has $23B cash on hand, and US pension funds alone (which traditionally invest in safe sectors) has over $35T in management.