[chongli]

A hundred million is table stakes. They get better results by stoking the fires (bluffing) and keeping their opponents locked in a war of raising and re-raising the stakes. By amping up the pressure, they drive more and more investment into the bubble.

China also benefits massively through all of the commodity hardware they make. Sure, they aren't competitive in the chip arms race, but they dominate all the component and power electronics markets. Think about all the power supplies and other commodity components needed to build a gigawatt-scale data centre.