Amazon and Google are winning the AI capex race — but what’s the prize?

Amazon leads tech giants in AI infrastructure spending with $200 billion projected capex for 2026, followed by Google at $175-185 billion. Meta, Microsoft, and Oracle trail behind with lower budgets. Despite the industry's belief that controlling compute resources is essential for AI dominance, investors are skeptical, causing stock prices to drop as companies announce massive spending commitments. The disconnect highlights tension between long-term AI strategy and short-term financial concerns.