During a Morgan Stanley investors’ meeting today, Google chairman and CEO Eric Schmidt appeared to be ruling out a big shopping spree with the company’s growing cash stash. Schmidt to analyst Mary Meeker via Reuters: “It is highly unliekly. One of the problems in high-tech industries is that successful companies tend to generate cash pretty liberably (but) they don’t have good places to put it.”
Of course, as we’ve seen, Google can do an awful lot of shopping without spending much cash.
Update: MKTW: Without specifically answering a question about rumors that Apple and Google are working on a tablet-style personal computer, Apple board member Schmidt said the two companies “doing more and more things together. We have similar goals, similar competitors.” As previously announced, Google will provide the search on Apple’s iPhone.