Yeah, no. How much is invested doesn't matter. Look at who is investing. Every big tech firm (literally, each and every one of them). They'll make the money back, one way or another. Unless you're willing to claim that the entire tech sector goes poof tomorrow. They won't. They'll still be here 10-20-50 years, and they'll make their trillions back.
I guess that if NitpickLawyer says we're fine, there's no problem with the capex we're seeing then. They won't go puff, they'll go Cisco.
I'm sure someone said that about Yahoo and eBay during the dotcom crash
Who was investing in the dotcom bubble that wasn't "everyone"? This is an appeal to authority that doesn't check out.