Big tech capex is a very smart allocation of capital and a gift to long term investors

So we know that a great business is a business than can invest money at a very high ROIC for long periods of time. Amazon, Microsoft and Google all have incredible cloud businesses, with margins above 30%, that are currently CAPACITY CONSTRAINED!! Like why do people look negatively at this? I really cannot think of ANY better way to invest money that putting them in a solid and well developed capacity constrained business. It seems a no-brainer from the outside. Yes GPUs become obsolete after a few years but they still work even if they are no longer cutting edge, and I am sure they will have some use in cloud computing/cloud hosting even after their full book depreciation in 5 years or so. I really like big tech at these prices. Forgoing high margins growth to get free cash flows now seems insanely stupid in my opinion. What do you all think?