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Tech giants’ $660 bln AI spending plans trigger share slump — FT

The planned capital expenditure of the companies is 60% higher on the year

LONDON, February 6. /TASS/. Shares of major technology companies fell sharply after the giants unveiled plans to invest nearly $660 bln in artificial intelligence (AI) technologies this year, the Financial Times reported.

According to analysts’ estimates, Amazon, Google, and Microsoft alone have collectively lost $900 bln in market capitalization since publishing their quarterly earnings reports over the past week. Shareholders are dissatisfied, the newspaper said, with what it described as the companies’ staggering capital expenditure projects, which are up 60% from last year and exceed the GDP of countries such as Israel.

Even a 14% increase in their combined annual revenue to $1.6 trillion has not been enough to ease investors’ concerns, the publication noted.