Big Tech vows to continue massive AI data center spending as Wall Street questions returns

Amazon, Microsoft, Alphabet, and Meta told investors they plan to spend at least $720 billion on capital expenditures this year, mostly for AI infrastructure, on top of at least $1 trillion in future commitments. Alphabet shares fell 13% in one day, and AI has not yet generated meaningful profits, but the companies plan to increase spending further in 2027. Microsoft cut quarterly spending due to capacity delays but then announced a $25 billion bond sale. Anthropic’s revenue surged over 1,000%, but compute costs exceeded revenue.