Pretty much a bunch of tech-illiterate people buying the latest buzzword without due diligence. Lighting money on fire. Even the successes were bought at the all time high prices (Bytedance) or mismanaged (Arm) and brought negative returns.

Take a look at these comical slides from Softbank back when they took over WeWork after it collapsed: https://news.crunchbase.com/news/the-best-slides-from-softba...