The days of Big Tech running capital-light businesses seem to be over. A new report highlights that Alphabet, Amazon, Meta, and Microsoft are expected to spend over $380 billion combined on capex this fiscal year, mostly to build out AI infrastructure. Microsoft is now spending 25% of its revenue on capex, which is a ratio usually seen in heavy industries like oil and telecom. Investors are getting skeptical about the returns. Meta stock took a hit recently because management couldn't clearly outline the profit path for this spending. There are also concerns about depreciation since AI chips lose value much faster than traditional servers, which could weigh on future earnings. Free cash flow is taking a direct hit. Alphabet is projected to generate less cash this year, while Meta and Microsoft might be negative after accounting for stock buybacks. Meta even raised roughly $60 billion in debt and financing recently to help fund the buildout. In other news, Warner Bros. Discovery is fielding bids including one from Netflix, Intel is expanding operations in Malaysia, and Apple's head of AI is stepping down.