Big Tech to spend at least $720B on AI capex this year

Amazon, Microsoft, Alphabet and Meta said on earnings calls they will spend at least $720 billion in capex this year, mostly on AI infrastructure, on top of at least $1 trillion in prior commitments. None shows signs of slowing, while returns on AI data centers remain unrealized.

• Prediction: Wall Street Has the Post-Midterm AI Trade Completely Wrong2026-11-06
• How much of the stock market is propped up by the AI boom?2026-11-02
• AI Spending Fears Wipe $2 Trillion From Tech Stocks2026-10-30
• AI Debt Monster: Hidden Risks in Infrastructure Spending2026-10-24
• Investors wary of Big Tech's AI spending forecasts2026-10-22