But money has not been cheap for a while now so this is interesting. And yes, if you can do something more profitable with it, borrowing is always smart no, regardless of how cheap it is?

The current tech frontier requires capital expenditures on a scale they've been systematically avoiding for 25 years because pure software was easy money. The interesting thing is how they're all trading paper amongst themselves with made up valuations and what blows up when the music stops.

It’s a matter of perspective. Cheaper to borrow today than in the years 1969-2005…