What is happening?
A platform company that buys from A and sells to B doesn't need a lot of capital. Apple buys and assemble their products in China and ship them to final customer with a huge margin. They spend money in R&D but that is nothing in a huge company like APPLE
perhaps America is the place where companies don't need a lot of capital and so they are buying back stock and offering no new IPO's. America is the place to be with a pro business administration etc.....
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