Yeah, they sure have.

The root of all of this is that growth stocks are massively overvalued compared to dividend stocks right now. The big tech companies (all growth stocks) have all maxed out how much money they can actually make in their markets, so they need something to do with their excess profit. The normal thing to do would be to start paying out dividends and cutting costs, but then they’d be dividend stocks, and their stock prices would plummet. So instead they need to find ways to reinvest money in their own business. But they’re mature businesses that don’t actually need all this reinvestment, so they just buy ever more datacenters full of GPUs, because that’s expensive and plausibly something that might be useful to them. But something has to actually use all of these GPUs so it doesn’t look completely stupid, so we’ve had the last few tech bubbles.

But I think it’s going to be hard to pivot again, since the hype machine for AI is that they’re going to do AGI and build god. I don’t know what promise their hype men can come up with that tops that.