The reason why Capex wasn't punished by the market is that no one backed down. The model itself is like the Five Hegemons of the Spring and Autumn Period and the Seven Warring States Period; behind it is a "land grab," a Monopoly game. In the early stages of AI, buying GPUs is like buying land; stopping investment is like being out of the game. A market worth trillions—replacing 20% of 700 million white-collar workers—even losing this little bit of money as an entry ticket is worthwhile.