These are geopolitical activities akin to the arms buildup of the Cold War, but happening somewhat more openly through the guise of private sector investments. The names of the companies involved are ephemeral. The numbers "invested" are largely imaginary, just play money pumped into the system over the last few years, flowing around, searching for a place to park. The result will be a certain amount of tangible infrastructure in the form of datacenters, power plants, semiconductor fabs. It's a Hail Mary move to keep pace with a certain geopolitical competitor. This process may propel society to the next level or may collapse it, depending on how society chooses to use these resources and how successful the competitor is at its own similar endeavor.