> We are now in a cycle of competitive escalation between three of the biggest companies in the history of the world, collectively worth more than $7T.

> At each cycle of the escalation, there is an easy justification—we have plenty of money to afford this.

> This helps explain another potential motive for the aggressive behavior we’re seeing from the cloud providers: Defense

so basically we have three tech giants acting irrationally because they know it's better to over-invest and maintain their position than under-invest and lose. As a result, all the tier-2 companies are over-investing because "this is normal" (but they don't have the warchest to sustain it)