Tech's $380 billion splurge: This quarter's winners and losers of the AI spending boom

Mark Zuckerberg, chief executive officer of Meta Platforms Inc., during the Meta Connect event in Menlo Park, California, US, on Wednesday, Sept. 17, 2025.Tech's internet giants have made it through earnings season, and they offered a consistent message to Wall Street: Artificial intelligence investments are only getting bigger.Alphabet, Meta, Microsoft and Amazon each lifted their guidance for capital expenditures and now collectively expect that number to reach over $380 billion this year. Microsoft's for ...