Big Tech stocks sold off heavily after unveiling plans to spend $660bn this year on AI, as investors fret that the “breathtaking” capital expenditures are outpacing the earnings potential of the new technology.
Amazon, Google and Microsoft are set to lose a combined $900bn in market value since filing their quarterly earnings over the past week.
Shareholders balked at the sector’s gargantuan capex plans — more than the GDP of Israel — which overshadowed strong revenue growth at the companies’ cloud arms.
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