Well, I’ve learned to think of these things as wealth transfers — is that fair in this context.? Question is, where’s all the money going that big tech is loosing? To power companies, or is more complex than that?

Not really true.

If they stop, it's over for them.

They have to keep digging hoping for something big to happen: IPO and rake in cash from retirements; big government programs with guaranteed vendor lock-in; or stumbling upon an AGI and winning the '''''''race'''''''.

If the market wakes up from the hypertrend before that, they are absolutely fucked.

We get fucked in every scenario, btw.