Mark Zuckerberg, chief executive officer of Meta Platforms Inc., during the Meta Connect event in Menlo Park, California, US, on Wednesday, Sept. 17, 2025.
Tech's internet giants have made it through earnings season, and they offered a consistent message to Wall Street: Artificial intelligence investments are only getting bigger.
Alphabet , Meta , Microsoft and Amazon each lifted their guidance for capital expenditures and now collectively expect that number to reach over $380 billion this year.
Microsoft's forecast was for fiscal 2026, which ends in June.
The companies are racing to build out infrastructure for what they say is virtually limitless demand for AI services.
Meanwhile, a growing number of skeptics are voicing concerns that these historic spending levels are fueling a bubble, and they're questioning whether there's sufficient energy and resources to ever turn lofty AI promises into reality.
As big as the spending projections were this week, they look pedestrian when compared to OpenAI, which has announced roughly $1 trillion worth of infrastructure deals of late with partners including Nvidia , Oracle and Broadcom .
Investor reactions to the megacap reports were mixed.
Amazon saw its stock soar after the company beat on earnings and revenue, and said capex this year will be about $125 billion, up from a prior forecast of $118 billion.
"We'll continue to make significant investments, especially in AI," finance chief Brian Olsavsky said on the earnings call, adding that the number will grow in 2026. "We believe it to be a massive opportunity with the potential for strong returns on invested capital over the long term."