The AI Race Has Big Tech Spending $344 Billion This Year

If there’s any lesson to take from the spending plans issued by the world’s largest technology companies over the past two weeks, it’s to never underestimate the fear of missing out.

Microsoft Corp., which set a $24.2 billion capital spending record last quarter, plans to drop upwards of $30 billion in the current period. Amazon.com Inc. similarly spent $31.4 billion last quarter, almost double what it dropped a year ago, and is maintaining that level of investment. Google owner Alphabet Inc. raised its capital expenditures guidance this year to $85 billion.