US technology giants are ratcheting up capital spending on artificial-intelligence infrastructure at an unprecedented pace, committing a combined $155 billion so far in 2025, according to industry tallies. The aggressive outlays are aimed at expanding cloud capacity and specialized data centers needed to train and run generative-AI models. Microsoft is leading the charge, telling investors it will devote more than $100 billion to AI and datacenters in its coming fiscal year—its largest annual investment yet. Alphabet raised its 2025 capex target to roughly $85 billion, while Meta Platforms lifted the lower end of its own forecast to $66 billion and signaled even heavier spending in 2026. Apple’s finance chief said the iPhone maker’s capex will "grow substantially," without giving a figure. Analysts say the surge in AI-driven investment is underpinning both the sector’s earnings momentum and broader US economic growth this quarter. With cumulative hyperscaler spending projected to top $1 trillion by 2030, investors are betting the massive build-out will translate into durable revenue streams for cloud and advertising businesses, even as questions linger about long-term demand for generative-AI services.