There is definitely growing hesitancy in the market, but pulling back at this juncture could set off a full-on race to the bottom, because it would disprove the original point (“all the smart tech companies are all-in, so there must be profit at the end of the tunnel”). Right now, they can point to the skeptics as bears or doomers or whatever. The first big tech company to drop its capex will pierce the aura of invincibility and make the moderate retreat from the exuberant highs of late 2025 look like a blip on the radar.