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<span>Income from cloud services is approaching capital spending. Source: The Information (click on the image to access X)<\/span><\/code><\/pre>\n<\/div><\/div>\n<\/div>\nThe Four Riders<\/strong>. Among the major players, we see two definitive winners emerging amid this evolving landscape:<\/p>\n\n- Microsoft<\/strong>: The clear victor, showcasing a 25% increase in income<\/u><\/a> in the last quarter, primarily attributed to the growth of \u00a0Microsoft Azure\u00a0.<\/li>\n
- Google<\/strong>: Records a 20% increase<\/u><\/a> thanks to \u00a0Google Cloud\u00a0 and robust \u00a0advertising\u00a0 efforts.<\/li>\n
- Amazon<\/strong>: Despite a 7% decline<\/u><\/a>, it remains the only major firm in positive financial territory. \u00a0Amazon Web Services\u00a0 is still lucrative, even as its growth slows.<\/li>\n
- Meta<\/strong>: While its income grew 22%<\/u><\/a>, this revenue largely stems from advertising rather than direct cloud service sales. AI has enhanced the efficiency of their advertising operations, albeit indirectly. <\/li>\n<\/ul>\n\n\n\n\n
<img alt=\"Infrastructure boom for AI.\" width=\"375\" height=\"142\" src=\"https:\/\/i.blogs.es\/b4a74e\/data-center-china\/375_142.jpeg\"\/><\/code><\/pre>\n<\/div>\n<\/div><\/div>\n<\/div>\nBurning Money<\/strong>. The escalating capex for AI is approaching astronomical levels not seen in previous tech booms. Projections for year-end 2024 show expected investments in data centers like \u00a0Microsoft ($30 billion)\u00a0, Meta ($35 billion)<\/strong><\/a>, and Google ($25 billion)<\/strong><\/a>. These dizzying amounts continue to increase, with Amazon declaring it aims to spend \u00a0$100 billion on AI data centers\u00a0.<\/p>\n <\/p>\n
Skepticism<\/strong>. Such rampant spending sparked skepticism. Analysts question if \u00a0AI represents yet another bubble\u00a0 on the verge of bursting. Despite the monumental investments, returns have been meager. Even \u00a0Satya Nadella\u00a0, a prominent figure in this revolution, expressed doubts, stating that while there is massive spending on AI, \u00a0no one is making gold from it yet\u00a0. The figures presented by analyst Ed Zitron starkly illustrate this mismatch:<\/p>\n<\/p>\n
\n\n\n\n\n\n <\/th>\n \nCapex Planned in 2025<\/p>\n<\/th>\n
\nBenefits in AI in 2025<\/p>\n<\/th>\n<\/tr>\n
<\/thead>\n <tbody>\n <tr>\n <th class=\"align-left\">\n <p>Microsoft<\/p>\n <\/th>\n <td class=\"align-left\">\n <p>$80 billion<\/p>\n <\/td>\n <td class=\"align-left\">\n <p>$13 billion<\/p>\n <\/td>\n<\/tr><\/code><\/pre>\n\n\nGoogle<\/p>\n<\/th>\n
\n$75 billion<\/p>\n<\/td>\n
\n$7.7 billion<\/p>\n<\/td>\n<\/tr>\n
\n\nAmazon<\/p>\n<\/th>\n
\n$105 billion<\/p>\n<\/td>\n
\n$5 billion<\/p>\n<\/td>\n<\/tr>\n
\n\nMeta<\/p>\n<\/th>\n
\n$72 billion<\/p>\n<\/td>\n
\n$3 billion<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n
Green Outbreak<\/strong>. While there are signs of optimism in the latest earnings reports, claiming that AI is a \u00a0profitable venture\u00a0 remains premature. Current successful results are primarily due to cloud services, not directly tied to AI initiatives like \u00a0chatbots\u00a0 or \u00a0video generators\u00a0. The revenue these tools generate still pales in comparison to the costs incurred. Nonetheless, irrespective of prevailing doubts, investments in AI continue to surge, suggesting that investors might maintain their faith in the sector.<\/p>\n<\/p>\n