It looks like they're planning on funding it through circular purchase agreements and looting the rest of the world.
So it doesn’t answer my question. Real GPUs are bought. Presumably because real consumption is taking place. Presumably because real value (productivity) is produced. Which in turn reduces knowledge work labor (maybe?). Which may destroy jobs. Which reduces excess income and consumption in… a consumer-driven economy.
My point is, it’s actually not rational for the worst actors you could imagine. There’s a link in the chain missing for me logically and I think “billionaires” actually isn’t the answer.
Nobody knows what that work is though, and nobody wants to talk about it lest everyone realizes this all might be a house of cards.