Just to clarify: Most AI companies don't own their hardware, with a select few exceptions. That's why a handful of hyperscaler stock has rallied recently on letters of intent on large orders from AI companies. Which technically is a handful of shell companies under complete control of their parent companies, which can then take on credit without it being visible on the parent company balance sheet.

But addressing the specific question: It is still a valid. If the product sold is a 10x developer force multiplier, you'd expect to see the company fully utilizing it. Productivity would be expected to increase, rapidly, as the product matures, and independently of any acquisitions made at the same time.