Large technology companies like Microsoft, Amazon, and Google are making sound AI investments supported by existing cash flow, whereas other entities are engaging in risky, over-leveraged growth strat

“The reason they can make sound investments is that they have all the customers. They have all the business customers and by extension of their relationships with OpenAI and Anthropic, they have all the consumer relationships as well. And so when they make investments, they're using cash on their bal”