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Big Tech’s $700-billion AI spending wave gives battered chip stocks a lifeline
in5points
Amazon raised its annual capital expenditure forecast to $220 billion.
Microsoft, Alphabet, and Meta maintained or increased their AI spending plans.
Big Tech's combined AI spending is projected to reach $700 billion.
The increased spending is expected to boost demand for chips and data-centre equipment.
The spending wave provides a lifeline to battered chip stocks.
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