Please remind me what DeepSeek was all about. Wasn’t it supposed to upend the proverbial apple cart and cause the hyperscalers to take a hatchet to their forward capital spending programs? That was January 2025, while the far-right side of the bar graph below displays the capital spending in billions of US$ of the hyperscalers for the recently reported quarter. AI-driven capital spending has returned with a vengeance as Meta, Microsoft, Amazon, and Alphabet spent $155B during the first half of 2025. According to Britain’s The Guardian newspaper, this sum is greater than what the U.S. government has spent on education, training, employment and social services fiscal year-to-date.
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