I know that index funds weighted to the Nasdaq are required to buy, but who else could possibly be buying this turd of their own volition? Is it really just retail investors with too much testosterone and not enough brain cells?
The other candidate I can think of is mutual funds focused on tech and AI. Like, the managers know its a bad idea, but they have to invest in it or else here from investors when the stock pops. Similar to the adage "no one ever got fired losing money on IBM."