Do they dupe VC into enormous datacentre and capacity build-out investment? Why yes, actual money going to the AI hypester pick-axe vendors (and early equity dumpers) in that sense, absolutely yes it does.

Is Big AI on track to pay that back with profit from any foreseeable and defensible business model? Different question. I sincerely doubt it.

You were a net loss for ~18y or even more and not many people were concerned.

I bet Sam, Dario and others have a good salary and an even better stock plan

The good thing about open capital markets is the possibility to invest in the upside. The downside is who gets holding the bag when the money runs out