> massive money printing by central banks after the 2008 crisis provided the funding for this rapid expansion of cloud capital

This phenomenon is so massively underappreciated.

Now that interest rates are back to normal I am extremely interested in seeing how much of this phenomenon is permanent (i.e. path-dependent). I just hope that Big Tech hasn't become so important that it is bailout-eligible.

"It isn't until the tide goes out that you see who's been swimming naked" -- various successful investors.