> Further, unlike during the dotcom crisis, most of this spending is not driven by debt.

Unfortunately, that's not the case. Between the big 5 (Microsoft, Meta, Amazon etc.) they're spending more than $600 Billion in 2026! They don't have that much cash lying around so they're selling bonds!

That's debt!

Not only that, they're increasing the bond sales in Europe! I assume that means they're tapped-out in the US!

All this off-the-books stuff, despite being legal but shady, is still debt! Debt has to be paid by someone.

To sum it up: the AI buildout is a highly leveraged, debt-fueled expansion, not an organic, cash-funded software cycle... this will not end well!