They bought up the infrastructure to kill competition.
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Idk man, my electricity bill doesn't care whether the data center powering ChatGPT was "speculatively built" or not. 500 million people actively using these tools daily is not fake demand, that's just... demand. The money flowing into infrastructure is large and fast and messy, sure, but acting like the entire thing is vapor because the ROI timeline is uncertain is the same logic people used to say Amazon was a scam in 2001. Sometimes the buildout comes before the profit model and that's just how new infrastructure works. The RAM price sucks though, not gonna lie.