US hyperscalers are starting to show returns on their artificial intelligence investments, but the rising cost of the buildout is taking a bite out of their free cash flow, and investors are noticing.

Big Tech's $600 billion AI spending spree faces scrutiny as Alphabet, Microsoft, Meta, and Amazon report earnings, with Bitcoin miners also pivoting to AI.

July 22 : U.S. hyperscalers are starting to show returns on their artificial intelligence investments, but the rising cost of the buildout is taking a bite out of their free cash…