The industry can't agree on what AI demand risk is worth

Amazon, Meta, Microsoft stocks surge after strong AI earnings as hyperscaler capex nears $725B

Microsoft AI hit $37B run rate (+123% YoY), Azure +43%; four cloud vendors allocating $725B capex 2026, expected $1.2T 2027. Frontier models become infrastructure anchor—CTO budgets must plan for sustained capex waves and architectural vendor lock-in.