Fears over $828 billion AI capex spending spree help erase $1 trillion in market value

The richest companies in the history of the world are spending so much on the infrastructure backing AI that they're burning through billions in cash and threatening a recent AI-fueled stock surge as Wall Street wavers. The latest financial disclosures by four of the biggest hyperscalers, Amazon, Alphabet, Microsoft, and Meta, as well as Elon Musk's up-and-coming AI player, SpaceX, which includes xAI, revealed that the small group of tech heavyweights is set to invest as much as $828 billion on capital expenditures this year. That spending includes data centers, high-powered chips, and other infrastructure that fuels AI.