Big tech companies including Meta, Alphabet and Amazon are spending billions on AI, but they're not the only ones paying for it as software fees rise.

Earnings reports from Meta, Alphabet and Microsoft reaffirm that giants are ramping up their spending on artificial intelligence, as they rush to reap the benefits of an AI boom.

Three of the biggest US tech companies reported record profits and record infrastructure spending on Wednesday, fueling speculation about a possible AI market bubble.