I am worried about the damage when this ends. Sure, there's way over exuberance in my opinion about the value of all this vast amount of spending and infrastructure (datacenters, billions or trillions more in training hardware from nvidia etc). But there's this other completely bonkers level where it's just normal to give some billions for some stock and they turn around buy billions of your stuff.
This has to run into reality at some point.
They do what everyone in their position would do. What matters are the boxes leaving the warehouse. Dozens of thousands of them.
So some of these companies will surivive but a ton will die or at the very least their investors will lose a lot of money.
There’s a point where if you ask to be paid a billion dollars for something that is worthless, people just laugh at you.
Until the next transaction you can keep pretending the old inflated valuation is real, but you can raise capital, not without popping the bubble.
At some point people will stop giving Tesla and NVIDIA more money.