They have to hold cash and cash equivalents, their “treasury”, as a buffer to make payments and for strategic flexibility. On top of that, investors expect a certain rate of return, usually the 10% average return of the S&P 500. A decade ago, the Mag 7 were less than 10% of the S&P 500. It turns cash and cash equivalents from a headwind into a growth engine, from a “dead” asset into an appreciating asset. It’ll start with the bottom 98% of the S&P 500, especially companies that are about to get delisted.