Wall Street Grows Uneasy As Google, Meta, Amazon and Microsoft Plan to Spend $1

Wall Street grows uneasy as Google, Meta, Amazon and Microsoft plan to spend $1.5 trillion on artificial intelligence over the next two fiscal years, up from $1 trillion invested since 2023. The tech giants' quarterly reports keep raising their capital expenditure forecasts, but investors now worry about shrinking free cash flow as returns lag. Meta's free cash flow has already dropped from $8.5 billion.