Tech CFOs face a new challenge: Selling unprecedented capex as ‘disciplined’

Good morning. During earnings calls this week, the CFOs of big tech companies, Meta and Microsoft, delivered a similar message: the AI race requires unprecedented capital spending, but that spending is disciplined, demand-driven, and ultimately margin-accretive rather than reckless.The companies urged investors to look past headline numbers and focus instead on utilization, long-term economics, and visible revenue traction.Meta: Spending big, signaling profitMeta CFO Susan Li emphasized the trade-off betwee ...