Four of the largest U.S. tech companies reported earnings Wednesday afternoon, confirming an AI capital expenditure buildout without modern precedent.
Combined, they spent $130.65 billion on capital expenditures in the first three months of 2026—more than three times the inflation-adjusted cost of the Manhattan Project, in a single quarter. They plan to spend nearly $700 billion this year alone, as much as the U.S. government spends on Medicare.
