Meta, Microsoft, and Amazon issue earnings reports this week, amid investor concerns about cash burn at companies that are building out AI data centers. Alphabet’s earnings report last week did little to allay those concerns. Going into this earnings season, Daniel Newman, founder of the AI-tech consultancy The Futurum Group, was wondering if any Big Tech players would “blink,” as he put it — as in, pull back on the hundreds of billions of dollars they planned to spend on AI. “They’re staring versus blinking,” he said.Last week, Alphabet increased its AI spending forecast for the year by $15 billion. Newman expects the same this week from Microsoft, Meta, and Amazon. “They're staring down the barrel of trillions of spend in a market that basically doesn't want them to spend more, but would probably penalize them for spending less because that would be some type of admission of failure,” he said. That’s the conundrum. And some investors don’t want to wait to find out how this all ends. They’re diversifying away from the biggest names in tech — at least those known as ‘hyperscalers,’ or the ones investing the most to build out AI infrastructure. “They're going everywhere else,” said Jurrien Timmer, director of Global Macro at Fidelity Investments, which is a Marketplace underwriter. “What we're seeing now is that the sort of the non-AI space is really broadening out.”And that’s good, Timmer noted, if you want to avoid a bubble.