Ben Thompson examines the continued escalation of AI infrastructure capital expenditure among major tech companies, including Meta, Apple, and Amazon. He notes that Meta’s 2026 capex guidance climbed as high as $135-145 billion, with Mark Zuckerberg defending the spending by pointing to more than a gigawatt of custom silicon built with Broadcom alongside AMD and Nvidia chips. The piece situates this spending trajectory within Wall Street’s broader anxiety over whether AI capital expenditure can be justified by revenue growth.
