Big Tech's [$700 billion AI spending](https://www.marketwatch.com/story/big-techs-700-billion-spending-on-ai-this-year-is-called-the-greatest-capital-misallocation-in-history-7d44aa4b) this year screams dot-com déjà vu — think fiber optic fever dreams where everyone raced to build infrastructure that got commoditized faster than yesterday's iPhone. $META is torching cash, ramping spending faster than revenue in a desperate bid to avoid irrelevance in this zero-sum arms race.

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