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AI Giants Smash Earnings, Plan $650B Capex
Description
Four tech titans—Microsoft, Alphabet, Meta, and Amazon—reported record-breaking earnings, with AI as the driving force behind their cloud growth. They plan to invest a staggering $650 billion in AI infrastructure next year, the largest corporate capex commitment ever. Bitcoin miners, such as IREN, TeraWulf, and Cipher, saw their stocks dip in after-hours trading as they shift focus from mining to hosting AI servers. Meta increased its full-year spending guidance, while Amazon experienced a drop in free cash flow. Nvidias earnings on May twentieth will reveal if this AI boom continues to benefit miners and the broader crypto market.
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