[Alberta's Child]

High growth companies often don't pay dividends because they are capital hungry (and reinvested capital means less leverage, less dilution, or both to current shareholders) ...

Understood. But what exactly is Facebook (for example) doing with its capital -- writing more software code?

[RoosterRedux]

Facebook is growing by acquisition. Here's a list of its acquisitions on wiki--Meta M & A

As an aside, I am not a fan of FB.