Most of the money is passed between central banks and technically insolvent[1] banks, helping them repair their balance sheet and dispose of toxic assets.
Some of the money seeps into the economy and may be inflating stocks and other assets. For example, banks are given loans at zero interest[2] and they can use that money for whatever, e.g. proprietary trading, bonds/treasuries, etc.
Perhaps some of that money finds its way into investment funds and eventually tech start-ups?