Even with all that , Big Tech’s AI capex is still rising tho 
Btw, capex stands for capital expenditures, which means the big money tech companies spend to buy physical things and long-term tools like data centers, computer chips, and power plants to build and run artificial intelligence
The chart of the week shows combined capital expenditure and free cash flow for Alphabet, Amazon, Meta, Microsoft and Oracle.
Capex has been rising sharply since 2023 and is expected to keep climbing through 2029.
The chart estimates combined capex moving toward around US$1.1 trillion+ by 2029. Free cash flow is expected to recover later, but the near-term picture shows how expensive the AI infrastructure race has become.
This is the KEY market question around AI:
Can Big Tech turn huge AI spending into enough future revenue and free cash flow?
If yes, the spending supports long-term growth. If not, investors may start questioning whether AI capex is becoming too heavy relative to returns.
