Amazon, Meta, Microsoft and Alphabet have delivered strong quarterly results – and made clear how deeply they are willing to invest in the AI build-out. Combined, the four tech giants plan to spend up to 725 billion US dollars this year, primarily on data centers and infrastructure. But markets are only rewarding the spending where investments are already visibly translating into revenue and margins. Serge Nussbaumer, Head of Public Solutions and capital markets expert at Maverix, puts the