this post was submitted on 21 Nov 2025
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Pretended to make a bunch of money. Stock buybacks and giving AI companies money so they'll use it to buy your hardware doesn't count.
In a gold rush, the real money is in selling shovels. But you have to take cash upfront.
Which is fine and dandy until the gold miners realize that they aren’t going to find enough gold to make it worthwhile and stop buying shovels and the market value of your company depends on your ability to continue selling shovels. Twenty five years after the dot com bubble burst, shovel seller Cisco is only just now reaching the same stock price they peaked at in early April of 2000.
Yeah, they did some shifty stuff to pad their numbers. They still made an absurd amount of money.