US Tech Giants Face Mounting Pressure as $690 Billion AI Spending Fails to Generate Returns

The world's largest technology companies are burning through record sums on artificial intelligence infrastructure, yet the financial fundamentals underlying this investment surge are deteriorating rapidly. Hyperscalers including Alphabet, Microsoft, Amazon, and Meta guided toward combined 2026 capital spending of $635–690 billion—a 67–74% increase from 2025—as part of a three-year, $1.6 trillion commitment that has fundamentally reshaped corporate balance sheets. Alphabet alone directed $185 billion to capex in 2026, up from just $52 billion in 2024, while Amazon committed $200 billion, Microsoft $190 billion, and Meta between $125 and $145 billion.