For a while I adhered to the x company has so much cash it doesn't matter if another company out innovates them they can just buy their way into the market. But now I don't think it is true anymore. If it was true in the late 90's early 00's when Microsoft was cash rich and their major breakthrough had reached it's peak (similar position to Apple today) they would have been able to buy themselves into the next big thing: mobile. But Microsoft couldn't, in reality they got completely marginalized.