Comment by davidmanescu

I have no special knowledge about IBM Vs Apple historically, but: a quarter billion in CAPEX when you've earned a billion in revenue in a single year is extremely different to what we're seeing now. These companies are spending all of their free cash flow, then taking on debt, to the tune of percentage points of world GDP, and multiples of any revenue they've seen so far. That kind of oversupply is a sure fire way to kill any ROI.