The AI industry is running on FOMO
SMRTR summary
Big Tech companies Amazon, Google, Microsoft, and Meta are spending over $350 billion this year on AI investments, with plans to exceed $400 billion next year, despite unclear returns. OpenAI is burning cash rapidly, reportedly on track to spend $115 billion through 2029 while generating only $12 billion in annual revenue. This massive spending is driven by fear of missing out rather than proven profitability, leading investors to question whether the AI boom represents a bubble.
SMRTR provides this summary for quick context. The original article belongs to The Verge.
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