This parallels the height of GM, when they put money in everything from satellites to ATMs. Sure, at the time there was plenty of money to dump on such ventures. But eventually, those bad bets caught up to them. It seemed like a "no big deal" when a hugely profitable company wasted billions of dollars on bad investments. But each one of those bad investments represented a lost opportunity for a good investment. Eventually, the cash cow at GM ended, and the company is left with nothing but huge debts and worthless investments. Any tech company that is just buying the equivalence of lottery tickets is probably destined for failure too, no matter how profitable it is right now.
This parallels the height of GM, when they put money in everything from satellites to ATMs. Sure, at the time there was plenty of money to dump on such ventures. But eventually, those bad bets caught up to them. It seemed like a "no big deal" when a hugely profitable company wasted billions of dollars on bad investments. But each one of those bad investments represented a lost opportunity for a good investment. Eventually, the cash cow at GM ended, and the company is left with nothing but huge debts and worthless investments. Any tech company that is just buying the equivalence of lottery tickets is probably destined for failure too, no matter how profitable it is right now.