I would call it "stupid" money. This isn't a commodity business. Value of the final product is orthogonal to amount invested in compute. If Google is 10% slower

I would call it "stupid" money. This isn't a commodity business. Value of the final product is orthogonal to amount invested in compute. If Google is 10% slower or its product is 10% worse, it can lose all the value. This is like valuing a software company higher because its devs are using cheap PC desktops instead of Mac.