Big Tech Pledges $2.4 Trillion to AI Infrastructure

Alphabet, Meta, Microsoft and Amazon are committing about $2.4 trillion in AI infrastructure spend—covering data-center leases, equipment and energy—reflecting a race to scale AI compute. Alphabet alone disclosed roughly $902 billion in commitments and leases, Meta about $700 billion; the rest comes from Microsoft and Amazon as they expand cloud capacity. Much of the spending spans decades and includes non-data-center items like hardware and licenses. AWS remains a major growth driver; however, Alphabet and Amazon have swung to negative free cash flow with Meta expected to follow, underscoring the finance risks of rapid capex while trying to capture surging AI demand.