Core Viewpoint - Big Tech companies have experienced a significant decline in market capitalization, losing over $1 trillion due to concerns over AI spending and capital expenditures [1]. Group 1: Market Performance - Microsoft, Nvidia, Oracle, Meta, Amazon, and Alphabet all saw their shares decline in the week leading up to Thursday's market close, driven by fears surrounding AI spending [1]. - Amazon's shares fell by 7% in premarket trading on Friday, while Alphabet decreased by 0.7%, and Meta remained largely unchanged; Oracle, Nvidia, and Microsoft saw slight increases in the low single-digit percentages [2]. Group 2: Capital Expenditure Plans - Big Tech companies announced plans to invest $660 billion into AI this year, a figure that exceeds the GDP of several countries, including the United Arab Emirates, Singapore, and Israel [2]. Group 3: Industry Sentiment and Volatility - Companies developing hardware for AI are expected to face ongoing volatility as market sentiment shifts, with concerns about capital expenditures related to large language model (LLM) build-outs and the potential for over-expansion of capacity [3]. - Investment director Paul Markham highlighted that questions regarding the extent of capital expenditures and the eventual return on investment will persist in the industry [3].