We've seen this before. Lots of investments in the '99 runup had ad buys associated with them which did the same kind of double counting. The example would be Yahoo investing in some startup at an inflated valuation, paying for some or all of the investment with ad inventory priced arbitrarily and which was, for Yahoo, free to produce. Lots of things led to the 2001 crash, but valuation distorting shenanigans like that didn't help. To the extent it feeds through to Microsoft, Google, and Amazon valuations the AI dynamic could follow a similar pattern.
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