One company which listened, to its detriment, to shareholders was Microsoft. When Bill Gates ran the software company, he liked to keep a year's worth of expenses on hand, in case things went awry. Microsoft is no longer quite so stingy with its cash; it dribbles some out in dividends, and gave shareholders a $32 billion payout a few years back. Good thing it didn't shell out $44 billion for Yahoo; that deal would have left it cash-poor and debt-ridden, at exactly the wrong time. Even so, Microsoft's balance sheet is no longer the most sterling in tech.

So who's got cash on hand? Here are the 10 richest tech companies, from a Yahoo Finance screening. (I left out companies, like IBM, whose cash was matched by equally outsized debts.)

1. China Mobile, $31.0 billion
   China's oil, steel, and finance giants are investing overseas. Why not its leading wireless company? Yes, China censors its citizens. That was a trendy thing to worry about in August 2008.
2. Cisco Systems, $26.2 billion
   Cisco's so proud of its cash pile, its investor-relations chief has blogged about it. If only investors had any confidence in Cisco's bizarre social-network acquisition strategy, which has nothing to do with its fine telecom-equipment assets. Memo to Cisco's M&A team: Just because it has the word "network" in it doesn't mean you have to buy it.
3. Microsoft, $21.2 billion
   The $44 billion Yahoo offer was half in cash, half in stock, which would have strained Microsoft's finances and required it to take on some debt. Good thing it fell through.
4. Apple, $20.7 billion
   In the '90s, Apple almost ran out of money. No danger of that happening soon. Ever-secretive Apple rarely makes big, splashy acquisitions; that could change if the right bargain comes along.
5. Google, $12.7 billion
   A slumping share price may mean more acquisitions done for cash.
6. Intel, $12.0 billion
   Intel's chip factories require billions of dollars in investment; count on Intel to spend its money there, rather than on cute Web companies.
7. Nokia, $10.8 billion
   Like Cisco, Nokia's eager to be more of a Web player. Blogging and lifecasting are particular areas of interest. The cell-phone maker could throw investors a curveball and buy, say, Six Apart, Automattic, or Tumblr.
8. Dell, $9.0 billion
   Dell could have more cash on its hands if it manages to sell its PC factories, a move it's considering as HP chips away at its business. On the shopping list: software and services.
9. Motorola, $7.2 billion
   It's hard to see Motorola being an active acquirer until it figures out what to do with its cell-phone business.
10. Taiwan Semiconductor, $7.0 billion
    AMD's only worth $2.6 billion, and TSMC already makes some chips for it. Why not just buy it?

By releasing this surprising iPhone stat, China Mobile could be trying to negotiate in public. The message: China Mobile is already getting the benefits of data-heavy iPhone usage on its network; why should it kowtow to Apple? In China Mobile CEO Wang Jianzhou, Jobs has finally found a worthy adversary. Former AT&T Wireless CEO Stan Sigman just rolled over and played dead when Jobs came calling.

Putting pressure on Wang and Jobs to come to terms: The forthcoming opening of Apple's Beijing flagship store this summer, and the Beijing Olympics in August. If no deal is made, expect to see more iPhones hacked and available in China and any other country that doesn't currently have the iPhone available for sale from Apple. Without deals in place, those phones won't pad Apple's bottom line. The good news for Jobs: Demand for the iPhone is out of control. The bad news for Jobs: Demand for the iPhone is out of control. (Photo by Wesley Fryer)