The comparison to the dotcom era and today's circular financing is apples to oranges. We have companies like Nivida that are generating close to $100B per year in profits. Dropping $2 billion into xAI is nothing to that company. It will have that money back in about a week.
Even who are referring to the "dotcom bubble" kind of give the impression that nothing so relevant has been built during that 1995-2000 period.
A "bubble" that gave us Internet adoption, I'd rather call it "network effect".
Without a doubt. Google and Amazon are two companies that came out of that era and they did pretty good.
With NVDA pulling near triple digit billions in yearly profit, the $2B into xAI is basically a rounding error, the payback period is like one week, which is insane :).. From a cash flow lens, capital allocation like this barely dents the balance sheet, INvestors will only flinch if the unit economics slip.