The AI arms race among the four largest US stock companies has escalated again: capital expenditures this year will exceed $320 billion

Microsoft, Meta, Alphabet (Google's parent company), and Amazon have recently released their Q4 2024 earnings reports and disclosed their guidance for 2025. Overall, the four tech giants are all seeing a continued increase in capital expenditures for 2025, indicating that the competition in AI will become even more intense. Such intense "burn rate" plans, coupled with Chinese companies' DeepSeek initiative showcasing a lower-cost AI route, have made Wall Street increasingly concerned about whether these tech giants can obtain sufficient returns. According to the reports from Microsoft, Google, Amazon, and Meta, the total capital expenditures of the four giants in 2024 amounted to $246 billion, a 63% increase from $151 billion in 2023, and this year's total capital expenditures may exceed $320 billion.