"Instead of addressing fundamental quality issues, Big Tech has chosen the most expensive possible response: throw money at infrastructure." "They're spending 3

"Instead of addressing fundamental quality issues, Big Tech has chosen the most expensive possible response: throw money at infrastructure." "They're spending 30% of revenue on infrastructure (historically 12.5%). Meanwhile, cloud revenue growth is slowing." Isn't this because: cloud gets more popular -> more big players join -> they compete with each other -> margins get lower?