In order to pump up short-term profits, manufacturers of communications gear loaned money to cash-strapped Internet startups so they could buy switches and routers.
While the M0 money stock has indeed increased, inflation is up slightly, and banks are flush with capital to be loaned, the M3 stock of money is actually down (a much broader measure of money), the velocity of M3 is down, and banks have not been loaning out much money.