That’s probably what the companies spending the money think, that they’re building a huge moat. There’s an alternative view. If there’s a bubble and all these companies are spending these huge sums on something that ends up not returning that much on that investment, and the models plateau and eventually smaller, cheaper, self-runnable open source versions get 90% of the way there, what’s going to happen to that moat? And the companies that over spent so much?

This article is a good example of the bear case https://www.honest-broker.com/p/is-the-bubble-bursting