Meta and Microsoft are both on track to dramatically increase their spending on AI infrastructure, which some experts say could exceed $700 billion this year. Investors appear to be over AI spending. Meta’s AI spending far exceeded Wall Street’s expectations, but so did top- and bottom-line growth, which investors attributed to AI-driven improvements in its core advertising business. Why This Is Important Big Tech's AI spending has fueled growth at a variety of AI hardware companies, and at times been a boon to cloud providers' stocks as well. Microsoft 365 revenue growth held steady in the mid-teens, disappointing investors hoping to see benefits from the rollout of AI Copilot.