Overview

• Google topped forecasts with $96 billion in quarterly revenue and $28 billion in net income, lifting its 2025 AI infrastructure budget to $85 billion.
• Microsoft posted $76 billion in revenue, $27 billion in profit and saw Azure surpass $75 billion in annual revenue, while earmarking $30 billion for next-quarter capital spending.
• Meta delivered a 36 percent jump in net income and 22 percent revenue growth, forecasting $66–72 billion in AI spending for 2025 and significant further investment in 2026.
• AI capital expenditures added $152 billion to U.S. GDP in the first half of 2025—double the impact of consumer spending—and could account for over 2 percent of annual GDP.
• Analysts compare today’s infrastructure spree to dot-com and railroad booms and caution that President Trump’s $500 billion Stargate project and AI Action Plan may accelerate both growth and bubble risks.