Investor doubts grow as Big Tech’s AI infrastructure spending plans top $740 billion
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Alphabet, Amazon, Meta and Microsoft now plan more than $740 billion in capital expenditure this year, widely treated as AI data centers and chips. After years of cheering such bets, markets fret over negative free cash flow and rising debt. On Friday the Nasdaq fell 2.9%; Nvidia dropped 4%, Broadcom more than 5% and Qualcomm 11%. Alphabet plunged 12% on Thursday, its worst day on record, wiping out $500 billion in market value, and fell again Friday.
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