Sure, everyone is investing to make money and extract it later, but its also a bet that they will be a player for a while, are more efficient at using the cash then their competitors, can scale better. At the end of the day it is capital allocation, and the market has decided this team is the best team to handle the task. (Or it is a true bubble, where everybody doesnt want to miss out, but I think its some of the former too. Ford and GM are legacy businesses that have legacy overhead.)