Semiconductor stocks took a hit in July, with the SOXX ETF dropping 23% from its highs. But recent earnings from big tech show they are still spending heavily on AI infrastructure. Amazon, Google, Microsoft, Meta, and Oracle are projecting around $830 billion in capital expenditures this year. Amazon and Google even raised their future spending targets. Cloud revenue growth is also accelerating across the board. Amazon cloud grew 37%, Microsoft Azure 43%, and Google Cloud 82%. The CEOs all mentioned that demand for compute power is still outpacing supply. It looks like the AI hardware build-out is continuing steadily despite the recent sell-off in chip stocks.