Together, the below ten firms are spending more on AI in one year than the entire market cap of Westpac — highlighting both scale and intensity. Crucially, the big 4 are spending 65–110% of their cash balances in FY25 on AI-related infrastructure. That’s unprecedented commitment — but also a sign of potential overheating.
- The amounts being invested by heavyweight US tech companies are phenomenal, as they look to both profit from their investment and not be left behind in the race.
We firmly believe that AI is set to be a “digital-industrial revolution,” fundamentally altering production, work, and society. The scale could rival prior industrial revolutions, but the speed, scope, and ethical implications make it unprecedented. Of course, it won’t be the first for most MM readers who remember life before the internet, which gave birth to most of the 10 companies now pouring money into AI.
- Several companies across various sectors are already generating significant revenue from AI technologies, although it’s arguably the next chapter where the durability of AI earnings will become most visible.
