New York —
Wall Street wants more proof that Big Tech’s enormous spending on artificial intelligence will pay off.
The largest US tech companies are on a spending spree to try and get ahead in the AI race. Amazon (AMZN), Alphabet (GOOG), Meta (META) and Microsoft (MSFT) continue to spends hundreds of billions of dollars on building out infrastructure to power the AI boom.
The four companies are collectively set to surpass $700 billion in spending on AI this year as they compete to becomes leaders in the industry.
But now, investors are scrutinizing spending plans that don’t have tangible results. It’s been a shift in the making as spending on AI has skyrocketed in recent years.
