Not to imply that AI spending isn't a bubble, but there's a difference between cash rich tech giants going slightly free cash flow negative, and a company like

Not to imply that AI spending isn't a bubble, but there's a difference between cash rich tech giants going slightly free cash flow negative, and a company like Oracle that's all in. Apple is sitting it out, Google and Microsoft are not taking existential risks relative to their resources, Meta is doing who knows what but it won't break them, and Oracle's fate couldn't happen to nicer people.