Partly I think this is motivated by the law that gives tax breaks to companies that show losses. So then no big surprise that many tech companies show losses, regardless of their corporate health. Amazon is one; they've almost never shown a profit ever, and when they have it has been exceedingly slight (surely an accounting "mistake"). Yet they are still in business over 20 years later, and that success has catapulted multiple individuals into the billionaire range. Shady? Definitely. Too much capital? Clearly not, since Amazon has out-performed any possible influx of capital.

There is clearly some dark art in accounting, but I don't think it's always because the companies are covering up bad business. It might be because they're trying to make as little taxable profit as possible.