Tech giants’ $750B AI bet meets slowing core growth

The tension here is not the size of the AI commitment but the fact that it is being held steady while the cash engines funding it — advertising and e-commerce — are losing momentum. That combination leaves less room for error if returns on the buildout arrive later than expected, and equity reaction suggests the market is now pricing patience rather than vision. The read-through extends beyond these three names to the wider AI supply chain and to any RWA or digital-asset projects leaning on hyperscaler demand as an anchor. Whether capex guidance stays fixed through the next reporting cycle is the open question.