If Mag7 AI spending is bad, then neoclouds should be worth zero

I find it quite funny that the market is punishing Meta and Google for spending too much on AI, despite both having extremely profitable businesses generating billions in cash to finance it. If the market thinks AI capex is such a terrible investment that even Meta, Google, Amazon and Microsoft deserve lower valuations, then shouldn't neoclouds be worth almost nothing? These guys don't even have another profitable business to finance their growth. They're borrowing billions and issuing shares to build the very same AI infrastructure that the market apparently thinks big tech is wasting money on. So somehow spending your own cash on AI is bad, but borrowing billions to do the same thing is bullish? By that logic, neoclouds should be lining up for bankruptcy tomorrow. Am I missing something here?