September 30 2010 it exceeded 50 billion

And if Apple bought out Sony The question may seem zany. It was yet taken seriously in the halls of markets, last week. In the aftermath, action Sony rose 3 to Tokyo. If the experts of the sector do not have believed in one such operation, the rumour was added to all those who rustle already for several months around the California group (Facebook, Akamaï, Spotify...). This unrest grows as the Apple cash increases. September 30, 2010, it exceeded $ 50 billion. Steve Jobs himself said recently that "strategic opportunities would report shortly.

Apple is far from being an isolated case: the firm Apple is the symbol of a US sector of the high-tech to the pockets full. "It is the sector that generates most of cash in the United States", confirms Christophe Foliot, responsible for International shares in LCF Rothschild. At the end of the second quarter of 2010, the cash of the high-tech companies belonging to the S & P 500 amounted to $ 335 billion, a record. Fuelled by the increase in profits, funds from Microsoft, Google, Cisco and Oracle fill each month a little more. The good results are not the only reason. "It is a tradition in the sector to make reservations, said Leslie Malval claw, Manager in IT AM. The bankers were never likely to finance intangible activities... "The trauma caused by the collapse of the dot-com bubble is also passed by, encouraging businesses to more hoard. An attitude still supported by the financial crisis of 2008, to which sector rather well resisted... precisely through its reserves.

American technology companies cash is all the more important that they are reluctant to repatriate the cash generated from the United States, to avoid to be taxed by the United States tax authority. Difficult to assess, the amounts held abroad represent as much non-invested money.

Return to shareholders

Remains whether for corporations, how to use the cash available in the United States. Investors are beginning to lose patience. "They can not retain such amounts of cash with rates as low," judge Christophe Foliot. In a note published last month, the Merrill Lynch Merchant Bank invited listed companies to better use their capital, in particular through the distribution of dividends. The phenomenon is spreading elsewhere in the sector, but deemed bit generous to its shareholders.

Cisco has created the sensation in September by announcing that he would distribute a dividend in 2011, for the first time in its history. 40 Billion dollars into its coffers, the specialist of Internet networks can afford. He swiftly so down on the Oracle software Editor, reverse some of its profits since 2009. Meanwhile, IBM has just announce a new program of redemption of securities of $ 10 billion, and indicated that it to commit another next year. Since 2002, the computer giant has already spent about 68 billion so. These practices could become widespread.

Before the mountains of cash high-tech groups, business bankers are rubbing their hands. Google, Oracle and IBM traditionally feed the mergers and acquisitions news. "Operations will multiply, predicted Christophe Foliot." And they will be more and more large. "Evidenced by recent transactions in the sector. At the end of surprising auction with Dell, HP bought 3PAR, a specialist in the "cloud computing", for $ 2.3 billion.

A few days earlier, Intel spent 7.7 billion to McAfee, number two world of computer security. Consolidation is on the March in the sector, with the gradual approximation of manufacturers of containers and contents. More crazy rumors may soon become a reality.