Inside Big Tech, the thinking is clear: control compute or lose the AI race.

Outside of it, investors are far less convinced. Every major tech company ramping AI infrastructure spending — from Amazon and Google to Microsoft and Meta — has faced market backlash as capital commitments balloon into the hundreds of billions.

Even firms with proven cloud businesses aren’t immune. The issue isn’t strategy; it’s scale. The numbers are simply too big for comfort.

Big Tech likely won’t slow down. But going forward, expect AI ambitions to be framed less as massive bets — and more as carefully managed investments — even if the spending tells a different story.

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