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US tech giants’ AI capex set to hit $724 billion in 2026, stirring investor unease

AI Market Summary
US mega-cap tech's accelerating AI capex is shifting investor focus from growth optionality to balance-sheet strain. Alphabet's negative free cash flow and higher capex outlook triggered a sharp selloff, reinforcing concerns that rising debt and capital raises could pressure valuations across AI-heavy peers ahead of key earnings. Apple's lighter-asset AI approach is a relative positive, though AI-related memory shortages are lifting hardware costs.
Impact level
● High
Affected assets
NCSKGOOGL2USD/USDT+1.23%
AI Insight · NCSKGOOGL2USD/USDTAI Insight
▼ Bearish
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⚠️ AI-generated insights are based on news content and are provided for informational purposes only. They do not constitute investment advice or represent the views of BingX. Investing involves risk. Please trade responsibly.
Several US tech giants have sharply increased AI-related capital spending, with Alphabet forecasting capex of up to $205 billion and reporting negative free cash flow in the second quarter for the first time. Combined AI-linked capital outlays by Google, Microsoft, Meta and Amazon are expected to reach $724 billion this year. Investors are increasingly wary that heavy spending, negative cash flow and rising debt could prompt a repricing of tech valuations. Apple has bucked the trend with a more asset-light AI approach and a rising share price, though it has also raised prices on some products amid an AI-related memory-chip shortage.
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