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this post was submitted on 30 Oct 2025
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United States | News & Politics
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Of course they have. But the spendings are bigger.
Microsoft, Nvidia, AMD, Oracle and Intel are all profitable. They might not be worth as much, but still.
Those are all shovel sellers. People stop buying shovels when the gold rush goes bust.
The shovel manufacturers will probably be fine, just reduced margins, but the shovel warehouses are so fucked holding nearly a trillion dollars of worthless shovels
In the words of Pat Gelsinger, we're about to see a lot of digestion.