Go read the article carefully. The "details" I criticized include every significant supporting example offered. The fact that the article got them all wrong should make you suspicious of the grandiose reasoning that they were meant to support.

In short there is no evidence that having cash makes companies stupid. Companies with cash should be doing a certain amount of experimentations with it. They should experiment with projects outside of their core area. And the fact that it isn't obvious to you why they are doing something doesn't mean that they don't have a good reason to do it.