Meta and Google each raised about $100 billion this year, and the post says dilution has weighed on their shares: Google is flat year to date, while Meta is down after peaking at $780. Meta’s $25 billion offering at $625 was five times oversubscribed; Nvidia and AMD also invested in Meta. The author argues AI buildout requires shareholder funding and says future returns depend on capex generating ROI; Amazon and Microsoft have not yet tapped equity markets.