>>The flipside of this is that it's an indictment of companies that hoard huge amounts of cash, like Apple. That they can't find a way spend it building future stuff is a signal that they are out of big ideas, and (in the case of Apple) have been for some time.

Wasn't this expected after Steve Jobs passed away?

The real troubles for Apple will start when they will end up exhausted milking iPhone and its ecosystem of products.

The same will happen with Amazon if Bezos goes away and with Tesla if Musk goes away. These are largely companies driven by individual visions, take them away and they are no better than any other company.