Another quarter of growth in AI spending
Tech giants are showing no signs of slowing down in the race for AI dominance. Microsoft, Amazon, Alphabet, and Meta are increasing investments in infrastructure, chips, and data centers, signaling that the long-term potential of AI outweighs short-term margin pressure. Amazon increased its capital expenditures in the third quarter by 61% to $34,2 billion, primarily in data centers and AI chips, making it the leader in spending growth among Big Tech companies. Polish investors are also turning to AI. Already, 20% of them are using AI to build their investment portfolios, a year-over-year increase of one-third.
Big Tech is betting on AI regardless of the costs
Microsoft's latest quarterly results, Alphabet, Amazon and Meta show that American technology companies do not intend to reduce spending on artificial intelligenceAll four companies have significantly increased their capital expenditures, allocating billions more to data centers, chips, and AI infrastructure. A year ago, investors were hoping for a slowdown in spending, but today it's clear that continued growth has become the new normal.
Microsoft spent nearly $35 billion on AI last quarter, Alphabet raised its annual capex forecast to $91-93 billion, and Meta announced a further increase in investment in 2026. Amazon, in turn, increased its quarterly capital expenditures by a whopping 61% to $34,2 billion, allocating most of that amount to the development of data centers and AI chips. This is the largest increase in spending among the four, demonstrating that Amazon is returning to the game as a major player in artificial intelligence.
Financial results show the real effects of the AI boom
Financial results also came into the spotlight – not only of Microsoft, but also of other giants. Amazon Web Services (AWS) achieved $33 billion in revenue, representing a 20% year-over-year increase, clearly exceeding market and analyst expectations. This is the best result since the launch of ChatGPT and an important signal to investors that the AI boom can translate into real profits. AWS once again became a growth engine and restored investor confidence in Amazon's strategy. As a result, the company's shares rose by a staggering 12%, the largest single-day share price jump since April.
Microsoft, in turn, expanded its partnership with OpenAI, increasing its share of the company's commercial operations to 27% and retaining exclusive rights to integrate the most advanced models in its cloud. This strengthens its position in AI, but also means further infrastructure spending. Alphabet also generated positive sentiment among investors. The company surpassed $100 billion in quarterly revenue for the first time in history, recording growth in search, YouTube, and Google Cloud. Alphabet consistently develops its own chips and infrastructure, giving it a strategic advantage. However, there are signs that OpenAI may be working on its own advertising model. If the company enters this market, Alphabet's advantage could be put to the test.
Meta is also continuing to expand its computing power, albeit with a longer time horizon. The company has announced a further increase in investment in 2026, which is intended to ensure its readiness for the expansion of its own AI models. Meta doesn't directly compete with Microsoft or Amazon in terms of cloud infrastructure, but it is investing heavily in the development of artificial intelligence for its own ecosystem, including: Instagrama, WhatsApp and VR platforms.
The message from the results of Microsoft, Amazon, Alphabet and Meta is clear: the race in artificial intelligence requires enormous resources and patience. For investors, this means lower margins in the short term, but also a solid foundation for future profit growth.
Polish investors are increasingly bold in using AI
Polish investors are also increasingly turning to artificial intelligence, according to eToro's latest Individual Investor Pulse survey. AI is gaining popularity both as an investment topic and a decision-making tool – already 20% of investors use it to build their investment portfolios, a year-on-year increase of one-third. Millennials lead the way, with the percentage of AI users increasing by a staggering 60%. Investors cite time savings, lower costs, and the efficiency of algorithms as the main reasons for using new technologies. AI also ranks third on the list of topics Polish investors want to explore – just behind ETFs and cryptocurrencies.
About the author
Pawel Majtkowski - analyst eToro on the Polish market, which shares its weekly commentary on the latest stock market information. Paweł is a recognized expert on financial markets with extensive experience as an analyst in financial institutions. He is also one of the most cited experts in the field of economy and financial markets in Poland. He graduated from law studies at the University of Warsaw. He is also the author of many publications in the field of investing, personal finance and economy.