Alphabet, Amazon and Meta Shed Nearly $900B as AI Spending Draws Scrutiny

Alphabet, Amazon and Meta have lost nearly $900 billion in combined market value as investor concerns over returns from heavy AI infrastructure spending grow across the technology sector.

Alphabet's capital-expenditure guidance reaches as much as $205 billion, while Amazon's spending is about $220 billion. Those figures show the scale of investment investors are weighing as they question whether AI infrastructure can produce sufficient financial returns.

The reassessment could influence technology investment plans, AI valuations and future funding. Anthropic's year-end valuation is being tracked in prediction markets, carrying the debate beyond publicly traded technology firms.

For crypto markets, the pullback puts risk appetite in focus. Skepticism over large, long-term growth investments could weigh on sentiment across digital assets as investors reassess exposure to higher-risk opportunities. The central question behind the selloff is whether current infrastructure commitments will generate financial returns that justify their scale. Investor skepticism may also reshape future technology investment strategies.