Big Tech to Spend $650 Billion This Year as AI Race Intensifies

Last week, Meta said full-year capex will rise to as much as $135 billion — a potential jump of about 87%. Microsoft the same day reported a 66% increase in second-quarter capital spending, topping estimates, and analysts project it will shell out almost $105 billion in capex for the fiscal year ending in June. The news triggered the second-biggest single-day decline in market value for any stock.The four companies “see the race to provide AI compute as the next winner-take-all or winner-takes-most market,” ...