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The company's market cap will typically factor in the giant hoard of cash. As it increases, so does the stock.

Doesn't that contradict noego's ultimate point?

A company that has an extra $100MM in cash will have a market cap approximately $100MM higher than the same company without the extra cash.

noego's point is that that $100MM might be more valuable if freed up to invest in a risk-asset, but not that is has no value whatsoever.