Interesting. What is the reason for discounting cash so heavily? Logically you'd think cash would be the last thing to be discounted.
Think of it like food for a body. It's nice to have plentiful energy availability in the form of food, a surplus of food around the house is typical. However there's only so much you can realistically do with it, and your body has an energy limit / potential limit. This is true about all businesses in any given period of time, they can only do so many things successfully. Cash is a required operational fuel, and sometimes it's useful for acquisitions, but each dollar of cash you possess beyond the bounds of your realistic capabilities or potential (the ability to put that cash to work for the business and yield a sizable return), is worth less and less and less.
That's why Amazon has been allowed to keep such a large market cap, despite the fact that for most of their history they had a terrible balance sheet, and very modest cash.
If Google had $10 billion in cash instead of $60 billion, what would not happen, is Google wouldn't see a ~12% discount applied to their market cap. It's all about the earnings, the business, the future growth prospects in advertising and mobile, and so on. Investors aren't primarily sitting around wondering what Google might do with the $3 billion dollars they add each quarter - they want to know how mobile search is doing.
Microsoft has been a great demonstration of how worthless cash often is to a cash rich business (except as a discharge to investors). They simply can't find anything sane (or permissible) to do with it all, and that has been the case for 15+ years.
That's why stocks historically are traded by a multiple of their earnings. That's why companies can have hilariously bad balance sheets, like Comcast or as GM used to, and still have a reasonable market cap.