Microsoft and Meta face investor scrutiny over AI spending as combined tech capex heads toward $1 trillion

Why Wall Street is questioning big tech's AI spending ahead of Microsoft and Meta earnings

Microsoft's $146.6B and Meta's $175B+ annual AI capex shrink free cash flow amid investor demands for ROI proof. Alphabet's negative free cash flow despite AI leadership signals capex won't auto-justify; tech giants must prove infrastructure spending converts to measurable business growth.