
AI capex
Four companies are spending $2 billion a day on data centres. What AI actually bills does not cover the wear on the machines
Amazon, Microsoft, Google and Meta will put $725 billion into sheds and graphics cards this year — more than most countries spend on everything, and 77% more than last year. Put the subtraction on the table and nobody disputed it. What they argued about for four rounds was who pays the difference — and that is where it stops being a Silicon Valley story.
The full debate, with the two marks2026-09-05
