AI boom in data centers has top tech companies spending more than major oil companies on capex

2024-03-05 00:04:00+00:00 - Scroll down for original article

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The race for new and upgraded data centers to handle the artificial-intelligence boom has the world’s top technology titans far outpacing major oil companies in capital expenditures, according to the Wells Fargo Investment Institute. Alphabet Inc. GOOG, -2.81% GOOGL, -2.76% , Amazon.com Inc. AMZN, -0.36% , Meta Platforms Inc. META, -0.82% and Microsoft Corp. MSFT, -0.14% — the four largest cloud infrastructure companies by market capitalization — have begun shelling out significantly more on capital expenditures than their counterparts in the oil industry since the pandemic erupted in 2020.