I don't want to split hairs because you are correct, and this isn't really directed at you.

I'd just like to point out that if you believe in roughly efficient markets, if your enterprise maintains its value, if you amass a pile of cash, that will be reflected in your share price.

The dividends come directly out of that share price whenever issued. You can theoretically amass a pile of money that would make Smaug blush, and this will increase your share price to reflect. But that cash isn't being reinvested, it's only going to increase linearly with respect to that cash position. Which is why in many circumstances investors frown upon it.

Many tech stocks pay very little in dividends or none at all, even if the company is quite profitable. In tech it's all about share price.

That's because they are growing at a large rate. When that growth stops the only option they will have is to pay dividends. The investors make money either way.

There's also buybacks, which has mostly been tech companies' weapon of choice when it comes to capital return.