Four tech giants spent $497 billion on artificial intelligence

Microsoft, Google, Amazon and Meta spent $497 billion on new infrastructure over the past nine months, roughly matching the $498 billion in cash their operations generated over the same period. Google and Meta have halted share buybacks as the capital burden of the AI buildout mounts. The near-parity between capex and operating cash flow marks a shift for the four hyperscalers, whose spending is increasingly self-funded rather than returned to shareholders. Watch whether buybacks resume and whether cash generation keeps pace as AI infrastructure commitments continue to scale.