Will AI spending sink the S&P 500? Microsoft, Meta and Amazon earnings hold the answer

Will AI spending sink the S&P 500? Microsoft, Meta and Amazon earnings hold the answer

Alphabet raised AI capex guidance to $195–205B (stock down 9%); 10 tech giants now command 38% of S&P 500, exceeding dot-com peak concentration. Microsoft, Meta, Amazon earnings this week will signal if investor concerns about AI spending efficiency and Chinese competition trigger broader market rotation.