The swelling cash reserves of Apple and a handful of other technology companies have raised the overall liquidity of corporate America to record levels, new data revealed yesterday.
About $6 out of every $10 added to the corporate sector’s cash mountain during the past three years has come from tech companies, Moody’s Investor Service, the US rating agency, said. The overall pile reached a record $1,450bn at the end of last year, up 10 per cent from the year before.
Apple alone is likely to be sitting on $170bn of cash and liquid investments by the end of this year, lifting its share of the overall reserves from 9.5 per cent at the end of last year to an expected 11 per cent, according to Moody’s.
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