A no-dividends policy is nothing new.
replyAmazon, Tesla, Netflix, and Palo Alto Networks have never paid a dividend at any point in their histories as publicly traded companies.
Advanced Micro Devices hasn't paid one since 1995, Adobe since 2005.
True, although Amazon and Netflix at least have done large stock buybacks, which are theoretically equivalent except for tax incidence. So they have returned capital to investors. I didn't check for the others, maybe they did too.
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