That’s backwards on its face. If you buy from someone, and you announce you’re increasing your order by $15 billion, your supplier’s stock should go up. Instead SanDisk fell 11%, Micron and SK Hynix got hit, Korea’s market dropped 6%.
So the post asks: what were people actually selling?
Not demand. Demand went up, publicly, on the record. And the money’s already raised — Google sold about $70 billion of stock and bonds in June specifically to pay for this. Nobody raises the cash, then cancels the order.
What people were selling was the price they’d paid for the stocks. These names had a massive run. Interest rates are moving against them, tariffs are hitting the supply chain, and everyone who wanted to own them already did. When a stock like Intel beats earnings and still drops 6.5%, that’s not a fight about the business — it’s a fight about the valuation.
So the answer to your question — do investors think Google, Meta, Nvidia and the rest don’t know what they’re doing? — is no. The post says the competence question was never on the table. There’s one legitimate worry, which is that all this equipment has to be written off over the next few years and that cost hits profits in 2027-2028. That’s real. But it didn’t get discovered on a Friday afternoon in July.
One line: the sell-off was about what the stocks cost, not about whether the buildout is real.
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