Big Tech's AI data center spending keeps rising as returns remain unclear

Amazon, Microsoft, Alphabet, and Meta each reported quarterly earnings last month and confirmed they are still pouring record sums into AI infrastructure. The four companies have told investors they plan to spend at least $720 billion on capital expenditures this year, most of it on AI data centers. That figure sits on top of more than $1 trillion in previously announced spending commitments. Despite the scale of the buildout, the promised financial returns have not yet materialized. The article argues that, with no internal pressure to slow, the spending is unlikely to stop without outside intervention.