What happens to Tech Companies cash reserves during inflation events?

This is an old article from last year but it states that the cash reserves of the top 5 Tech Companies equalled $558 billion.

https://www.businessleader.co.uk/five-of-the-worlds-largest-tech-giants-hold-588bn-in-cash-reserves/

Tech companies stock tends not to pay out dividends, instead giving value to shareholders by increasing the price of the stock by keeping their profits as cash and using it to invest in R&D and quickly buying out promising companies to acquire new technology. But what happens during an inflation event? Will their cash reserves start getting gobbled up by a weakening dollar? Will these companies ultimately have to seek an alternative to holding fiat to stop their purchasing power and share prices from dropping?

I don't know enough about the subject so I thought I would see if anyone here had some insight into this. :)