Spend other people’s money on yourself and you lose the plot on costs and sometimes get a subprime mortgage crisis. And finally, spend other people’s money on other people — that’s why people hate the government. Big Tech is working its way through all four stages, in roughly the order Friedman described. Now big tech companies are spending other people’s money on other people. The names aren’t important here, but “[Big Tech Company] is spending [Capital Source]’s money to buy [Expensive Gift] for [Small Tech Company]” is a decent way to think about the current state of AI financing.