This level of AI spending across Amazon, Google, Microsoft, and Meta is starting to feel almost detached from normal earnings logic
We are talking about roughly ~$600B+ a year in combined capex
Meta alone is pushing ~$125B to ~$145B annually into AI infrastructure
Microsoft is moving toward something like ~$190B scale spending commitments
Google is landing around ~$175B to ~$185B in data centers and AI buildout
Amazon is close to ~$200B, mostly tied to AWS and compute expansion
That is roughly ~$150B per quarter just from the hyperscalers combined
A number that would have looked impossible only a few years ago
The part that stands out to me is how early the monetization still feels
Even after all this spend, AI is still mostly inside ads, cloud, and productivity layers
You do see improvements in efficiency and engagement in parts of the business
But it still does not look like a fully independent profit engine yet
Enterprise adoption is clearly happening, but it feels uneven in reality
Some companies get value, others are still experimenting or half-using the tools
Pricing power is the part I keep coming back to
Because right now it feels like competition is still setting the ceiling, not demand
Model capability differences are shrinking faster than the spending gap suggests
So it is harder to argue there is a locked-in technical advantage anywhere
What worries people on the bearish side is simple math tension
Spend is exploding faster than clearly visible incremental profit
Even if revenue is growing, it is still buried inside existing segments
Not showing up as clean, isolated AI monetization yet
So I understand why some people call it overinvestment
Not because AI is fake, but because timing between cost and payoff is stretched
At the same time, I also get why bulls are aggressive here
Because when platforms at this scale move, they usually overbuild before they consolidate
To me the real question is not “is AI real”
It is “how long can this gap between spend and monetization stay open”
Right now, it is very open
And that is what makes this phase uncomfortable to price
Not financial advice