Despite strong business results, the four companies lost more than $950 billion in market capitalization after announcing their quarterly earnings. Investors remain uncertain about whether—and when—these massive investments will pay off.

Сompany

2025 ($bn)

2026 ($bn)

Change

Alphabet

65

105

+61.5%

Meta

71

125

+76.1%

Microsoft

92

180

+95.7%

Amazon

132

200

+51.5%

Total

359

610

+69.9%

At the same time, a feedback loop is emerging: a significant portion of current market valuations is based on expectations of future AI profits. Cutting spending could be interpreted as a lack of confidence in AI—potentially triggering share price declines. Startups like OpenAI benefit from this circular dynamic, as Big Tech investments turn into spending with these firms, fueling their growth and, in turn, their valuations.