If this were remotely true, there wouldn't have huge layoff rounds. The opposite is true: they hire thousands upon thousands of people and teach them how to build scalable software, and then set them loose. I'm frankly surprised by the lack of competition, but I suppose that's gated at multiple levels (visas, personal risk, funding, network effects, etc)

That was more an issue when rates were low and borrowing capital was “free”.

I am more leaning towards them simply having infinitely more money than sense. So they keep throwing it at anything that looks like it could be something. Well same goes for Google...