Earnings and guidance from meta, Amazon, Microsoft, and Alphabet are now signaling as much as $320 billion in capital expenditures among them this year.

That's up some 40% from last year's already sky high numbers.

But investor sentiment around this spending might be undergoing a shift.

Christina Parts Nevelas has the story for today's tech check.

Hi, Christina.

Hi, Mike. Well, AI stocks have seen a significant pullback in early 2025 after last year's

surge. The market data right now really tells a sobering story. We know you mentioned it. The tech

giants aren't holding back. Meta, Google, still pouring billions into AI infrastructure. We're

talking massive investments in chips, servers, and networking.

Alphabet alone is boosting at spending by $75 billion this year.

That's 29% more than Wall Street expected.

But here's the twist.

Wall Street's reaction has changed dramatically.

Take a look at this chart that we're going to show you.

Last April,

AI-focused names like, you know, Nvidia, Dell, Broadcom saw their stock surge when big tech

announced major AI investments and increases to CAPEX. Vertive, a digital infrastructure provider,

jumped about 23% in a single day on April 23rd, 24. But if you fast forward to now,

those same basket of stocks, including ERISA networks, Modine, Marvell, are barely moving.

Despite similar spending announcements from Tech Giants, we're seeing an average gain of literally

just 1% last week. That's a fraction of last year's excitement. So what's behind

this market shift? Analysts are pointing to three key reasons. First, there's growing concern

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