What the latest earnings from Tesla and Meta tell us about who's winning the AI race

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• A wave of earnings from Meta, Microsoft, and Tesla offered a look at how the AI race is going.
• All three companies are still touting profit gains unlocked by AI, without many results so far.
• Investors are showing a willingness to forgive big capex spending, as long as a company's core business is thriving.

Heading into Wednesday's hoy trinity of earnings — which saw Meta, Microsoft, and Tesla report within five minutes of each other ...