CNBC's Jim Cramer said Monday that Amazon.Com Inc (NASDAQ:AMZN) CEO Andy Jassy's explanation of the company's artificial intelligence (AI) spending during its latest earnings call changed how Wall Street views Big Tech's multibillion-dollar AI investments.
AI Spending Strategy Cramer said investors had questioned for months whether hyperscalers' massive AI infrastructure spending would generate meaningful returns.
He said Jassy's earnings call gave Wall Street the visibility it had been seeking into how those investments are expected to produce long-term cash flow, CNBC reported Monday.
"Until Jassy spoke, the market seemed highly skeptical of how these megacap tech companies were spending money.
That's no longer the case," Cramer said.
