So they would rather take in more debt at an unfavorable time than to maintain a profitable leading business or even to limit research investment to a sustainable level? That really makes it sound like being unprofitable is a choice rather than an inevitable reckoning with a fundamental unsustainability of the business.

Yet ultimately they make up for those excesses by squeezing the customers more.

If investors, knowing all that you do for this long, continue to approve this approach, then it seems like it's itself a mechanism to try to extract more out of a market that could have been stable. In which case referring to it as an inevitability to be blamed on customers who aren't really paying its worth doesn't seem quite accurate. After all, if they were, the investors would be seeking to expand in some manner, right? Which means these businesses aren't allowed to simply be profitable, and customers will always be on the hook for that.

But still they can't be quite so unprofitable to be unsustainable or they would just fall apart. If hollow hype was enough to keep investors in, we wouldn't see tech fads come and go so quickly. Seems to me that most tech companies don't get to survive their "unprofitability" for so long.