Tech leaders insist there is no AI bubble

"We keep on having more demand," Mark Zuckerberg said.

Five of the largest hyperscalers—Alphabet, Microsoft, Amazon, Meta, and Oracle—spent a combined $106 billion on capital investments in their most recent quarters. This was the first time those companies have spent more than $100 billion in a single quarter. It was 9% more than last quarter and a whopping 73% increase from a year earlier.

Four of these companies — all but Oracle — published quarterly financial reports this week. Here’s an update to a chart we first published on Monday:

In earnings calls this week, company leaders stressed that they were not making speculative long-term bets. They said they needed more data centers just to keep up with customer demand.