My main point on making the comparison was the scale at and frequently with which it's done rather than the investment strategy.

(1) Core technology & monetization -> (2) Cash Flow -> (3) M&A to Fuel (1) -> (4) Goto 2

Looks different at that size than it does for smaller entities. And if you have a revenue stream generic enough to feed on a variety of inputs, then you have huge flexibility in what you can purchase. And you can likely afford to pay more because you've got efficiencies of scale on your side (including access to hyper-scale amounts of data).