You don't know how that is deployed. Some of their treasury (Non-Current Marketable Securities) could be bonds that are invested with targeted contracts for tr

You don't know how that is deployed. Some of their treasury (Non-Current Marketable Securities) could be bonds that are invested with targeted contracts for trade-secret benefits. Say TSMC needs capital, and say Apple has spare capital: they are both likely to agree to an investment where Apple gets contractual benefits that other customers do not. I would expect Apple to be very aggressively investing into suppliers to get results that strongly benefits Apple and perhaps that disadvantages competitors.