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It's often overlooked that bubbles like this actually validate themselves. It's not like the demand, revenue, or profits are fake or made up.

Investment mechanically _causes_ profits, and if you're as big as big tech is then some of that profit will be yours. In the end stupid investment will end badly, but until it actually plays out it can very much be rational for _everyone_ involved; Even if none of them are lying about anything.

Bubbles probably don't even have to hurt after the fact if the government is willing to support demand when things go south. The real cost is in the things we could have done instead. At least GPUs are genuinely useful (especially with the end of Moore's law), Energy investment is never a bad thing in the end, and those assets have very long useful lives.