In quarterly earnings calls this week, Google, Microsoft and Meta all underlined just how big their investments in AI are. On Wednesday, Meta raised its predictions for how much it would spend this year by up to $10 billion.
Google plans to spend around $12 billion or more each quarter this year on capital expenditures, much of which will be for new data centers.
The investments in AI represent one of the largest infusions of cash in a specific technology in Silicon Valley history, potentially solidifying the position of major tech firms in the U.S. economy.
The huge investment in AI is also increasing energy demand in the U.S., leading to the continuation of old coal plants in West Virginia to support data centers in neighboring Virginia.
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