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JPMorgan analyst Doug Anmuth expects tech giants — particularly members of the Magnificent Seven — to ramp up spending on capital expenditures (capex) in a big way.
Expect a tech arms race centered around AI advancements to heat up among Amazon.com Inc (NASDAQ:AMZN), Google parent Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL), and Meta Platforms Inc (NASDAQ:META).
“Our above consensus estimates assume AMZN/GOOGL/META capex grows +40-60% Y/Y in 2024 & +10%-30% in 2025,” Anmuth said in a Tuesday note.
What’s driving this massive spending spree? Anmuth believes it’s all about positioning for long-term gains in generative AI (GenAI). There’s no shortage of optimism here as each company starts to see early returns on investments, he adds.
Multiple companies suggest over 30% increases in “coding/engineering productivity from GenAI,” Anmuth said.
And it's not just talk. AWS and Google Cloud are already generating significant revenues from AI services. Here’s a breakdown:
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