Out of curiosity; what about apple, exxon and other of these juggernauts? Does cash depress stock price here? Or do they come out on the other end of the wormhole, where they have so much cash because they cannot conceivably put it to work profitably in their domain/industry?
I meant that companies that are trading very cheaply despite having a lot of cash on the books do so because investors think they'll burn through it without producing revenue.
Wall Street has been on Apple's ass re: its cash holdings for years and years now. Until recently, by sheer force of its market growth, Apple has been able to shrug off these concerns. Not as easy to do these days.
Those companies probably are low-value for the amount of cash they have, and quite likely should be loading up on debt and finding ways to return cash to their shareholders. Many of then are doing that.
