I'm not going to pretend that equity price represents the fair value of the asset, but none the less, hoards of offshore cash, cash equivalents, and tradable as

I'm not going to pretend that equity price represents the fair value of the asset, but none the less, hoards of offshore cash, cash equivalents, and tradable assets do affect share prices. As the majority of Google shares are held by US persons, this money does re-enter the US as capital gains. The taxes may be deferred for a long time, but the money just doesn't disappear once it enters a tax haven. Of course, if Larry, Sergey, or Eric at some point have kids or ex-spouses who are non-US persons, perhaps the majority of these assets won't re-enter the US in some form.