> 1) The American companies had not run up debts in the $100bn range.

How are Chinese companies financing their buildouts of AI infrastructure?

> 2) If there was an open source business model that could create $100bn companies or pay down $100bn of debt.

Companies are formed and consult on Linux for example. Idk where this $100bn number comes from but it seems too low to me anyway.

> 3) There was a convincing moat such as a social media network effect

Well you don't need a moat to be a successful business. But maybe the moat is that the models are just more capable. We're in the very early stages of this stuff from what I can tell.

> Go look at SpaceX's shareprice.

This is a bad argument. Share prices rise and fall all the time with or without material concerns. It can be snowing and folks will sell shares just because. Also SpaceX's share price (not that I'm an investor) doesn't really move the needle relative to the scale of the market or the AI companies involved.

> You are being taken for a ride.

How do you know folks aren't taking you for a ride instead?