Microsoft, Alphabet, Meta and Amazon ramped up their AI investments to $208.7 billion in the third quarter, up 84 % year over year, and are targeting roughly $735 billion for all of 2026. This spending spree is weighing on free cash flow, increasing debt and triggering stock declines despite strong cloud growth. Alphabet, Meta and Microsoft all suffered sharp market corrections, while the Nasdaq 100 fell 6.4 % on November 5. CoreWeave bounced 14 % after reporting $3.7 billion in revenue, up 168 %, but posted an adjusted net loss of $529 million. Nvidia will close the earnings season on November 17 with quarterly revenue guidance of about $108 billion.
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