We tend to think that markets reflect consumer choice. But the artificial-intelligence boom has been powered by the investment decisions of concentrated capital rather than by consumer demand.
  • MangoCats@feddit.itEnglish
    2·
    2 hours ago

    they’ve found something they want to spend it on, so they’re emptying 20 years of profits in 5.

    That’s what .com did as well.

    reporting for literal decades that Apple, Amazon, Google, and similar have been sitting on giant war chests of profit with nothing to spend it on.

    I remember when a “shockingly large” war chest was $30B - that’s like table stakes anymore.