> Is this money not understood by the tech giants taking on the debt? I imagine they understand exactly what’s going on.

Fair. I think everyone who is financially astute knows what's going on. I think pretending "oh, we didn't expect this" is at best, faux naieve. But, I think underlying "understand" is "don't care" -I think there is a segment of the investment industry which only looks to their own profit, not the "build a bigger market" outcome. And so, wiping 4T of debt out, with some recovery in the ashes can be sold as a win for them, if they can be in the right segment of the market.

I don't think it's a net win overall. I don't think driving worldwide RAM prices high was a win. Mind you, I bet RAM manufacturers are quite happy.