Tech giants are showing no signs of slowing down in their race for dominance in artificial intelligence. Microsoft, Amazon, Alphabet, and Meta are ramping up investments in infrastructure, chips, and data centers—signaling that the long-term potential of AI outweighs short-term margin pressures.
Amazon increased its capital expenditures in the third quarter by a staggering 61% to $34.2 billion, with the majority allocated to data centers and AI chips—making it the fastest-growing spender among Big Tech. Polish investors are also gravitating toward artificial intelligence: 20% now use AI tools in portfolio construction, marking a 33% increase year-on-year.
The latest quarterly results from Microsoft, Alphabet, Amazon, and Meta confirm that U.S. tech companies have no intention of cutting back on AI investments. All four companies significantly boosted capex, funneling billions more into data centers, advanced chips, and AI infrastructure. Just a year ago, investors were expecting spending to cool. Today, rising investment levels appear to be the new norm.
In the last quarter, Microsoft spent nearly $35 billion on AI. Alphabet raised its annual capex forecast to $91–93 billion, while Meta announced further investment increases slated for 2026. Amazon, meanwhile, posted the largest year-on-year jump in capex—up 61% to $34.2 billion—solidifying its comeback as a major AI contender.
Financial results were equally in the spotlight, especially for Amazon. Amazon Web Services (AWS) reported $33 billion in revenue, up 20% year-on-year, significantly exceeding market expectations. It’s the strongest quarterly result since the launch of ChatGPT and a clear indication that the AI boom is translating into tangible profits. AWS’s performance helped boost Amazon’s stock by 12%—its biggest single-day gain since April.
Microsoft also strengthened ties with OpenAI, securing a 27% stake in the company’s commercial arm and retaining exclusive rights to integrate top-level models into its cloud services. This cements Microsoft’s leadership in AI but necessitates further infrastructure spending. Alphabet likewise surprised investors by surpassing $100 billion in quarterly revenue for the first time, with strong performance across Search, YouTube, and Google Cloud. The company’s continued investment in custom chips and AI infrastructure provides a long-term edge. However, rumors suggest OpenAI may be entering the advertising market, posing a potential threat to Alphabet’s dominance.
Meta is also aggressively expanding its compute infrastructure, though with a longer time horizon. The company has laid out plans for increased spending in 2026 to support the scaling of its AI models. While not directly competing in cloud infrastructure like Microsoft or Amazon, Meta is deeply investing in AI to enhance its own platforms—including Instagram, WhatsApp, and virtual reality offerings.
The message coming from all four companies is clear: competing in AI requires vast resources and patience. For investors, it may mean lower margins in the short term, but stronger profit foundations in the long term.
Polish investors are also moving toward AI, according to the latest eToro Individual Investor Pulse survey. AI is gaining popularity both as an investment theme and as a tool to support decision-making—20% of Polish investors now use AI in portfolio construction, a 33% increase year-on-year. Millennials lead the trend, with a 60% rise in AI usage. Investors point to time savings, lower costs, and the efficiency of algorithms as key advantages. AI ranks third among topics Polish investors wish to explore further—just after ETFs and cryptocurrencies.
Source: Manager+
