🚨 4 companies are about to spend $725 billion on AI in a single year. That number is larger than the GDP of most countries on earth. Amazon is committing $200 billion, Microsoft $190 billion, Google $190 billion, and Meta $145 billion. All four raised their guidance this quarter, and none of them are slowing down. Microsoft's CFO said the company expects to remain capacity constrained through all of 2026, even after spending $190 billion. They simply cannot build fast enough to meet demand. Microsoft attributed $25 billion of its budget purely to rising memory chip costs. Meta said the same thing, pointing to higher component pricing, particularly memory, alongside rising costs for land, power, and skilled workers. Data centers now consume 70% of the world's entire memory output. Microsoft's AI business is now running at an annualized revenue rate of $37 billion, up 123% year over year. Amazon Web Services posted its fastest growth rate in 15 quarters at 28%. The money being spent is starting to come back. Amazon is looking at negative free cash flow of nearly $17 billion this year as a result of this spending. These companies are burning cash at historic rates because they believe whoever builds the most infrastructure today controls the AI economy tomorrow. This is exactly why memory stocks like Micron, Sandisk, and SK Hynix are at all time highs right now. The $725 billion has to flow somewhere, and it is flowing directly into chips and memory.