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The FAANGs all have a record of terrible investment decisions in the past 2 decades. Apple wasted $8Bn on driverless cars before they gave up. Meta spent by some estimates $100Bn pursuing the VR metaverse before they quit. Amazon lost $10Bn on Alexa in 2022 alone.

So like gambling addicts everywhere, they've just moved on up to the top table (AI) and are doubling down.