Because (some) investors with money still believe that this overspending (tbd.) on R&D is gonna pay off in the form of market share (or the generosity of our future AI overlords ;), and (some) dumb money is just following it.
An investment that needs to return 7x, alone, on hundreds of billions to trillions of investments... While not destroying the entire economy, or replacing it?
An investment that needs to return 7x, alone, on hundreds of billions to trillions of investments... While not destroying the entire economy, or replacing it?