SAN FRANCISCO | The artificial intelligence race is entering a more expensive and more demanding phase, as investors shift from excitement over new tools to a harder question: whether Big Tech’s record infrastructure spending can produce lasting returns.
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What This Means
The AI spending test matters because Big Tech’s infrastructure race is now large enough to influence markets, energy demand, construction, chip supply chains and investor confidence. If cloud growth and AI revenue keep rising, the spending may look justified. If returns lag, Wall Street may become less patient.
