The CapEx Two-Step

It's that time of year again: quarterly earnings for Big Tech. And you know what that means... time for Wall Street to freak out over CapEx spend related to AI build-out once again. Sure enough, Google went first and upped their forecasted spend pushing the range past $200B for the first time. The market puked. Next up, Meta. They simply raised the low-end of their previous guidance (to $130B up from $125B). The market puked.¹ Then there's Microsoft...