OpenAIs spending bonanza has Wall Street focused on capex in Big Tech earnings reports

▤ Summary

Wall Street is focusing on hyperscalers' capital spending as Microsoft, Alphabet, Meta, Amazon, and Apple report earnings. The piece centers on the massive infrastructure buildout behind the AI boom, especially data centers, compute, chips, and power capacity. OpenAI’s spending plans and related partner activity add pressure on cloud providers to expand capacity and show clear returns on investment. Investors will watch whether rising capex supports AI-driven revenue growth and strengthens each company’s competitive position in cloud and advertising. The article also highlights that Apple is increasing AI-related spending, though from a much smaller base than its peers.

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