Big Tech’s $650 Billion Bet on A.I. Infrastructure

The companies building the most capable A.I. models in 2026 are running out of electricity, cooling capacity, chips and the cables connecting them. According to Bridgewater, giants like Alphabet, Amazon, Meta and Microsoft are set to invest a combined $650 billion into A.I.-related capital spending in 2026 (up from $410 billion in 2025). These are commitments at a scale that only makes sense if you believe the physical layer is where competitive advantage is actually built.

Most founders...