I remember the infographics of 5-10 years ago. They had 200 billion. What happened? Sinking ship?

They never had $200 billion in cash in any quarter. Not at least since 2014. Besides, how much cash to hold is an executive decision. If the cash balance went down, it doesn't mean their business is not doing well. Cash can be used for Capex, like what the hyperscalers are doing right now. It can be used for buying back equity.