Technology

Not gonna claim this is true about any given capitalist, but generally speaking, they do. It's just their logic is by necessity local/constrained. They make rational decisions based on their situation and goals, which happen to be ghoulish because it's capitalism.

The people with agency in our economy are making money hands over fist with AI. They don't care if it's real or sustainable, they just want to continue extracting value and do so faster than other capitalists.

Invested money isn't lost, it's transferred. If a trillion dollars is said to have been lost in stupid investments, that just means a specific group of capitalists extracted a trillion dollars, usually indirectly from the public sector.

Edit: what I mean by local logic is like if they were effectively winning a game of chess while on a train that was speeding towards a cliff (except the millions of games of chess influence the trajectory of the train). Capitalism is rational, but with fundamental contradictions. And I think each bubble or boom and bust cycle proves both the rationality and contradictions more than brings it into question. But like the fundamental material rationality, not the mythology and liberal ideology to be clear.

It's macroeconomics. Wealthy Americans got all the cash in the world right now. It needs to go somewhere, and boy oh boy is AI infrastructure good at scaling up and sucking up capital