The Great Money Transfer: Who Really Benefits from the AI Boom?

A single sentence in a forecast cost Alphabet around 5% of its market value on Wednesday evening. The Google parent company raised its investments for this year to $195-205 billion, up from previously $190 billion. Together with Meta, Microsoft, and Amazon, which will report next week, this amounts to up to $725 billion — a sum that is likely to grow even further based on Alphabet's figures. The market reaction marks a shift in sentiment: the market no longer accepts AI spending as a promise of growth; it demands evidence. Alphabet can provide...