If the debt is used to fund profitable activities, but none of the hyperscalers are showing a profit on there AI investments thus far. Was also justification for very high multiples - no debt to drag on earnings. So that is gone.
The cash flow had been used historically to buy back stock, which it now isn't. That is already showing up in the stock price.
Predicting the future is hard so I could certainly be wrong, but all the nonsense about how profitable and earnings is all whitewash. Its a spec play in hopes it will be profitable at some future point.
