Big Tech Doesn’t Believe in AI. They’re Just Terrified of Stopping.
Big Tech’s $200 billion annual AI spending spree isn’t driven by proven ROI or genuine technological breakthroughs β it’s driven by existential panic. With hypergrowth dead and core businesses maturing, companies like Google, Microsoft, and Meta are using capital expenditure as a substitute for actual innovation, betting everything on a narrative they may not even believe. The technology has real but narrow utility. The spending is untethered from reality.