Literally tens of billions spent on projects that have yet to deliver:
Investors are particularly irritated about what one might call the “science projects” that many big tech companies have been pursuing, eating up billions in capital without contributing much in revenue.
Source: Meta, Google and Amazon Can’t Afford to Host the Science Fair – Bloomberg
They’ve spent billions on self-driving cars, virtual reality worlds, drone deliveries, Internet via balloon, and AI things that have gone nowhere. As profits get squeezed in a recession and cryptocurrencies get rocked, funding is drying up and these projects maybe scaled back if not set aside.
