Big Tech’s $630 billion AI spree now rivals Sweden’s economy, unsettling investors: ‘We’ve never invested this much on anything before’

Big Tech AI spending has reached new heights.

During earnings calls this week, tech firms raised their capital expenditure, or capex, projections. Google’s parent company, Alphabet, said on Wednesday it plans to double capex in 2026 to nearly $185 billion. Amazon said Thursday it plans to devote a towering $200 billion to capex, well ahead of Wall Street estimates. Last week, Meta said full-year capex will rise to as much as $135 billion. Those firms’ spending, along with Microsoft’s growing projections...