Specifically, it is the act of "I will invest 100 Billion in you, you will use that money to buy 100 Billion worth of goods from me. Both our balances look good, none of us spent anything." As I understand it, this act isn't so uncommon in finances but never on this scale across this many companies.

But it's pointless to argue with the extremists that either believe it's just a planet killing stochastic parrot or that it's on the verge of becoming Skynet. I mean if someone puts their nuclear arsenal under the control of openclaw, that's dark comedy although it will seem like tragedy at the time because comedy equals tragedy plus time according to Lenny Bruce.

But the AI bubble is probably real w/r to shoe companies and grocery stores pivoting to AI and ludicrous w/r to the money that can be made by the already entrenched players just riding the wave of deployment and specialization. But wouldn't it be nice if the US spent more money addressing the shortage of compute rather than blowing $h!+ up for the lulz?