[qgin]

Amazon, Microsoft, Google all are profitable even despite their capex. Worst case scenario they stop spending on AI capex and go back to being ridiculously profitable instead of just comfortably profitable. There's no actual implosion for the big names.

[bgwalter]

I'm not saying they will cease to exist. I'm saying that the Internet bubble of 2000 had valid tech whose growth was (deliberately) overestimated.

They can write it off and move on to other things. But that is not what the new wildfire talking point says. The wildfire framing says that the underlying tech is as valuable as the tech of 2000 was.