Did you read the article that you read?
It takes data from this analysis:
International Monetary Fund Analysis
On Page 29 & 30, here are some direct quotes from the analysis:
Our findings suggest that the increase in cash positions in Canada in recent years at least partly reflects greater precautionary demand for cash in an increasingly uncertain economic environment. Firms that see stronger growth opportunities (increases in market-to-book ratio and spending in R&D) tend to increase their cash holdings
Holding more cash today signals more investment in the future.
Our analysis also shows that firms’ high cash balances are typically associated with higher levels of capital expenditure, which bodes well for the acceleration of business investment in the near future.
The analysis says that this supposed economic cataclysm called "dead money" is a cash buffer for corporations during uncertain economic times. You know, like how regular people save up a rainy day fund in case something bad happens?