Cédric Durand writes the following in the New Left Review:
"On the one hand, the growing weight of financial capital retained as cash holdings suggests a lack of investment opportunities. On the other hand, the fact that firms with top operational profit rates also hold particularly large stocks of intangibles suggests that their growth strategies increasingly rely on the acquisition of existing firms. These developments are consistent with the diagnosis of a dysfunctional capitalism, where capital centralization takes place through processes of predation largely disconnected from productive activities—the rationale of surplus appropriation in the techno-feudal hypothesis."
This comes from an essayistic response to earlier essays discussing techno-feudalism (Evgeny Morozov) and cyber-capitalism (Timothy Erik Ström)