So far, Google, Microsoft, Meta, and Apple have reported Q2 earnings, and each company has grown their CapEx substantially. The Mag 7 have spent more than anyone else on CapEx because they believe in AI’s future and building it into their products. Meta, in their earnings report, raised their annual CapEx estimate from $30-33 billion to $35-40 billion. From 2020 to 2023, Meta’s CapEx grew by 90%, from roughly $15 billion to almost $29 billion.
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