Not likely, because Apple's cash is invested elsewhere - they almost certainly don't have a giant iMattress in the back that they're stuffing it into. The "cash

Not likely, because Apple's cash is invested elsewhere - they almost certainly don't have a giant iMattress in the back that they're stuffing it into. The "cash equivalents" listed in their financials are things like t-bills and short-term bonds which are, by their nature, inflation-mitigating. You lose value on liquid cash sitting around in a checking account equivalent to the rate of inflation (less interest, which is negligible); companies like Apple know this and keep most of their liquidity in inflation-hedged instruments rather than in checking accounts.