Their point is it is a bad sign at this stage in the game, there's a lot of competition still.

Usually in a land grab like this you spend, spend, spend.

Uber was still paying to subsidize customer's rides until fairly recently to kill off the competition.

When AI companies spend a lot: a sign of bubble bursting.

When AI companies look to cut cost: a sign of bubble bursting.

When RAM price goes up: a sign of bubble bursting.

When RAM price goes down: a sign of bubble bursting.