I’m not saying they’re not vapour, but the article does mention a series of closed door demos and thousands of GPUs deployed, so it at least appears that someone has seen something.
https://hn.algolia.com/?dateRange=all&page=0&prefix=false&qu...
Healthy skepticism is pragmatic. Sequoia and FTX comes to mind as well. Don't assume an adult was in the room doing due diligence.
(have done technical due diligence for M&A, but also realize a greater fool can be found; ask lots of questions, and ensure the people you're trusting to validate the responses to those questions have the necessary domain expertise)