Earlier quoted context omitted.
Yep, it's a high interest rate phenomenon. Investors want to see profitability. But it's also a problem unique to trillion dollar companies: finding growth. If you have a money printer of $280B per year, how do you find growth that moves the needle? For new product development, you'd need to launch a product that brings in revenue of say $20B, otherwise it's just not that interesting. Imagine how hard it is to launch…
Why do they have to grow, though? Can't they just be profitable? They can just pay out dividends like coca cola, no?
A company that reinvests these profits in things which investors believe will result in growth is valued x*future_profits, which is much larger - so if the leadership of a 'growth company' would announce that they're now a 'stable company' just paying out dividends, they would destroy most of the stock value of their investors, and would be considered an absolute failure of that leadership, since everyone involved has a strong incentive to replace them with someone who can make it (at least in the eyes of public) a 'growth company' again, doubling or tripling its value for the same revenue.